How to Get a £50 Bonus When You Open a Chip Savings Account
Written by Al Baker | Founder & Editor, The Penny Pincher - Last updated: the 15th of October 2026
Disclosure: If you join using our link or code and complete the qualifying steps, you can receive a £50 bonus, and The Penny Pincher will also receive a financial reward.
If you’ve got £1,000 saved elsewhere and won’t need it for at least 90 days, moving it to another savings account could earn you a little more. Chip, an app that lets you manage savings and investments on your phone, currently offers eligible new customers a £50 bonus when they deposit at least £1,000 into qualifying accounts and maintain that balance for 90 consecutive days.
You’ll need to use a qualifying invitation link or code, such as CHIP-DLY260, to take part.
It’s worth comparing the £50 bonus plus any interest you’d earn from Chip with what the same money would earn in your existing account over those 90 days. If Chip would leave you with more, and moving your savings won’t trigger withdrawal charges or mean losing another benefit, it could be a worthwhile move. The £1,000 remains your money, but you’ll need to maintain the qualifying balance for the full period to receive the bonus.
This guide provides general information rather than personal financial advice. Offers, rates and eligibility can change, so check the linked terms and the details shown in your account before depositing.
Is moving your savings worth it for the £50 Chip bonus?
The useful comparison is what you’d receive over the same period, rather than looking only at the interest rate or the size of the bonus. For example, if your existing account would pay around £10 interest on £1,000 over 90 days, Chip’s £50 bonus alone would be £40 more, before adding any interest earned with Chip or deducting any costs of moving. That’s an illustration rather than a quote for your account, so use your own rate and terms when comparing.
The bonus stays at £50 whether you deposit £1,000 or a larger qualifying amount. Moving £5,000 wouldn’t earn you five joining bonuses, so there’s no need to move all your savings just to meet this offer. For any money above the qualifying minimum, the normal interest rate and account features become particularly relevant.
You’ll also need to think about when you might want the money back. Starting the 90-day qualifying period in October takes you into January, so money you’ve put aside for Christmas shopping might not be suitable for this offer. You can access savings held in Instant Access, but withdrawing below the qualifying minimum affects your eligibility for the bonus.
How do you get the £50 Chip sign-up bonus?
Open our referral link, enter your email address and follow the download instructions. Set up your new Chip account using the same email address within 30 calendar days, so the invitation can be attached to it. You then need to deposit at least £1,000 into eligible accounts and maintain the qualifying balance for 90 consecutive days.
If you download the app first, you can enter CHIP-DLY260 manually through the app’s Promos & Referrals section. The published terms give you 14 calendar days from downloading the app to enter the code.
The current £50 promotion ends at 11.59pm on the 31st of October 2026, and the promotion you receive depends on when your code is activated. Entering your email before the deadline doesn’t necessarily secure the same offer if you leave account setup or code activation until November. Chip can change or end the promotion, so check the details displayed when you join.
You have 120 calendar days from being referred to complete the requirements, including the entire 90-day holding period. That means you can’t wait 120 days to deposit and then start the countdown. Paying in earlier leaves more time to complete the offer within the deadline.
Which savings accounts can you use?
Chip Instant Access, Smart Cash ISA and Prize Savings are on the current eligible-account list, alongside the General Investment Account and Stocks & Shares ISA. Your £1,000 can be split across eligible accounts rather than held in just one. The Chip Pension is excluded, and the separate Easy Access Account isn’t on the current list, despite its similar name to Instant Access.
You don’t need to buy shares or investment funds to qualify, because you can use an eligible savings account. Investments can fall in value, so earning a joining bonus shouldn’t be the reason you take investment risk with money you need. If you’re moving money from an existing ISA, check the ISA transfer rules before withdrawing it, as an ordinary withdrawal and deposit might affect how your allowance is used.
You must also have an Instant Access Account or Prize Savings Account open to receive the £50. The bonus goes into Instant Access if you have it, otherwise into Prize Savings. Someone using Smart Cash ISA for the qualifying deposit therefore still needs one of those receiving accounts.
How much interest does Chip Instant Access pay?
At the time of this update, the Chip Instant Access Account advertises 3.51% AER for eligible new customers for their first 12 months. That consists of a 3.00% standard variable rate plus a 0.51% boost, with interest paid monthly. AER means Annual Equivalent Rate and helps you compare savings accounts by showing the annual interest rate with compounding taken into account.
After the boost ends, the account returns to the standard rate applicable at that time, currently advertised as 3.00% AER. The rate is variable, so it isn’t a promise that you’ll receive the same rate throughout the year. Check the rate and boost eligibility shown in your app before moving your savings.
You don’t need a paid ChipX subscription to use the qualifying Instant Access savings route. Chip’s Basic plan has no subscription charge, although optional features can carry fees, including autosaves at 45p per save on that plan. Check which features you’ve enabled so you’re not paying for something you don’t need.
What happens if you need some of the £1,000 back?
The Instant Access account lets you withdraw your savings, but maintaining the qualifying balance is a condition of earning the bonus. If your total eligible balance drops below £1,000, the 90-day countdown restarts once you reach the minimum again. The original 120-day completion deadline still applies, which could leave you without enough time to qualify.
For example, depositing exactly £1,000 and then withdrawing £50 for a bill would bring you below the required balance. Paying the £50 back later wouldn’t let you pick up where you left off. Before moving your savings, think about any expenses coming up during those three months and keep enough money available elsewhere to cover them.
When do you get the £50, and can you withdraw it?
Chip’s in-app offer information gives the payment timing as the day after all the requirements have been met. The £50 initially appears as a bonus balance in the receiving account rather than an ordinary cash deposit. While held as bonus funds, it doesn’t earn interest, doesn’t increase Prize Savings draw entries and isn’t covered by the Financial Services Compensation Scheme.
Chip requires a full balance withdrawal to access bonus funds, so don’t assume you can withdraw just the £50 and leave everything else untouched. Bonus payments can take up to five working days to reach your linked bank account after withdrawal. If you hold money across several Chip products, check the withdrawal instructions or ask support which balance needs to be withdrawn before moving anything.
Wait until the bonus has been credited and the qualifying requirements are complete before withdrawing. You can then decide where you want to keep your savings based on the rates and access available at that point. There’s no need to assume that the account offering the best joining incentive will always be the best home for your money afterwards.
Is your money protected with Chip?
Chip isn’t a bank, and savings deposited in its Instant Access Account are held with ClearBank. Eligible deposits are covered by the Financial Services Compensation Scheme up to £120,000 per person, per authorised bank. This protection is designed to compensate eligible savers if the bank fails.
The limit applies across eligible deposits held with the same bank, rather than separately to each savings account or app. Any other money you hold with ClearBank therefore needs to be considered alongside your Chip Instant Access savings. The promotional bonus is separate and doesn’t receive that protection while it remains bonus funds.
You can read other customers’ experiences on Trustpilot if you want to see what people report about account setup and support. Reviews can help you understand their experiences, but a score doesn’t establish whether the account meets your needs. Consider the account terms, access arrangements and protection alongside that feedback.
Can existing Chip customers earn £50?
Existing customers can earn £50 by inviting someone new who completes the qualifying steps under the current offer. Your invitation link is available in the app under Profile, then Promos & Referrals, and there’s no limit on the number of successful invitations. Each person still needs to meet the deposit and holding requirements, so simply sharing your link doesn’t trigger a payment.
I already have a Chip account and have had people join through the link on this page, which is why I’ve explained the reward arrangement above. The offer available to someone you invite depends on the promotion running when they activate their code. Check the current details in your app before telling friends or family what they’ll receive.
What should you check before moving your savings?
Start with the account where your money is now and check its interest rate, withdrawal conditions and any benefits you’d lose by taking money out. Compare that with Chip’s £50 bonus and the interest available to you over the same 90 days. If you qualify, would receive more overall and can maintain the required balance, the offer could give your existing savings a useful boost.
If you haven’t got £1,000 available, don’t feel you need to find it just to qualify. Our 1p savings challenge guideexplains another way to build savings with smaller contributions, which you can adapt to what you can afford. Borrowing money or leaving yourself short for bills would undermine the benefit of earning a bonus.
If you decide to go ahead, use our Chip referral link and check that CHIP-DLY260 and the £50 offer are recorded in your account. Keep a screenshot of the terms shown when you join and make a note of your qualifying dates. That gives you something specific to refer to if you need help checking your progress or payment.
Frequently asked questions
What is the Chip promo code for the £50 bonus?
Our code is CHIP-DLY260. Eligible new customers need to apply the code, deposit at least £1,000 into eligible accounts and maintain the qualifying balance for 90 consecutive days.
Can I get the joining bonus if I’ve used Chip before?
No, the new customer offer is for people who have never previously held a Chip account. Existing customers can instead earn rewards by inviting eligible new customers who complete the offer.
Is the old £10 Chip offer still available through this code?
The current promotion attached to this code offers £50, with a £1,000 minimum qualifying balance held for 90 days. It replaces the old £10 offer described on this page, and the promotion available when you activate the code determines your terms.
