Chip launches FSCS-protected accounts with ClearBank

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Savings and investment app Chip has struck a deal with banking-as-a-service provider ClearBank to provide users with FSCS-protected accounts and the ability to deposit and withdraw funds in real-time.

Under the arrangement, Chip savings accounts are now covered by the Financial Services Compensation Scheme (FSCS) on deposits up to £85,000 and connected to Faster Payments for real-time withdrawals.

FSCS protection is critical to bolstering consumer trust, with Government research showing 81% of consumers are more confident in their financial decisions knowing their money is FSCS protected.

“We needed a banking partner to improve our offering with better security, a seamless customer experience, and provide a springboard for our expansion into the rest of Europe,” says Simon Rabin, CEO of Chip. “We found this, and more, in ClearBank.”

Charles McManus, CEO of ClearBank, adds: “We are entering the era of embedded banking, where pioneering firms like Chip want to integrate innovative banking services without the cost and complexity of becoming a bank. Chip is ClearBank’s first consumer facing BaaS customer and we’re proud to be able to support their growth and ambition.”


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