The new partnership means that customers will also mean that their savings accounts are covered by the Financial Services Compensation Scheme (FSCS) for deposits of up to £85,000.
However, bear in mind 0.70 percent is the annual interest rate,” the statement continues.
“To get the daily rate our partner bank simply divides 0.70 percent by 365.
”“To ensure everyone gets a slice of the action, we’re initially capping total deposits per person at £30,000, but if you’re a high roller, we may raise this cap soon.”
And the investment app said that it has a few more tricks up its sleeve.
Chip is able to offer competitive interest rates because it pools its savers’ money together.
It states: “We pool our savers money together and negotiate with banks like you’re all millionaires.
“Whether you have £1 or £100,000 you’re getting the millionaire treatment.
What’s more, you don’t need to fill out any long boring forms, just open Chip and deposit in a few taps.”