UK FinTech Chip has launched a new easy-access savings account.
In Brief:
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Chip allows users to automatically save momey from their current account.
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The feature will initially have a limit of £5,000 but this will increase for premium users post-launch.
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Interest is paid daily and users can track performance in the app.
What does this mean?
The addition of a savings account means Chip can add another feature, and the larger limit for ChipX customers shows the platform is seeking to gain revenue from more premium members. CEO Simon Rabin commented on the lack of savings currently put away by UK consumers and has said this new feature could help customers plan for the future.
