Chip, the digital savings app, has launched a new marketing-leading saving account offering 0.70% interest, easy access, and Financial Services Compensation Scheme (FSCS) protection, placing the new account at the very top of the savings tables.

The award-winning fintech has negotiated the best easy-access interest rate on the market for its users. Chip’s aim is to build the best savings account in the world and, as part of that mission, fight to bring its users the best rates possible. Unlike traditional savings accounts, Chip actively scours the market and works with private banks to bring exclusive top-table savings rates to its users.

The market-leading rate offered through the new account is not available anywhere else and comes with FSCS protection, where eligible. With interest accruing and compounding daily, Chip users can view the progress directly in their app. As the account is easy access, savers can also withdraw their money whenever they like without penalty.

Chip, which has saved its users over half a billion pounds to date, has partnered with Flagstone, the UK's leading cash deposit platform, to provide access to this market-leading interest rate and combine the savers’ money into a trust account. This means that all Chip savers - regardless of whether they have £5 or £5,000 in their account - can benefit from some of the advantages normally only available to Flagstone clients.

The new market-leading account is powered by Allica Bank, a UK-based business bank working with British small-medium enterprises. To ensure that as many users as possible are able to take advantage of the account, Chip is initially capping total deposits per person at £30,000.

Simon Rabin, CEO of Chip, commented: “I’ll never tire of saying that at Chip, our mission is to build the best savings app in the world. Granted, it’s a hell of a goal, but in the last 12  months alone we crossed the half a billion pound mark for the amount saved for our users, started working with the world's largest asset manager, launched investments, built ChipX and now… we have negotiated the best easy-access interest rate on the market for our savers.”

“We have even more exciting savings accounts on the way”, Simon continued, “and are in fact in the process of negotiating with a few banks right now. We’ll continue on working hard to bring our users the best savings rates and put market-leading returns in the palms of their hands - just as the world’s best savings app should.”