Choosing between Marcus and Chip comes down to what you prioritise in a savings account. Both are strong options for UK savers — but they work differently, suit different saving styles, and have distinct strengths. This guide breaks down how each one works so you can decide which is the better fit for your money.
Marcus vs Chip: the key differences at a glance
| Marcus | Chip | |
|---|---|---|
| Type | Easy access savings | App-based savings & investment |
| Rate type | Variable AER | Variable AER |
| FSCS protected | Yes (Goldman Sachs) | Yes (up to £85,000) |
| Minimum deposit | £1 | £1 |
| Managed via | Online / app | App only |
| Auto-saving | No | Yes |
| Investment options | No | Yes |
About Marcus
Marcus by Goldman Sachs is a straightforward, no-frills easy access savings account backed by one of the world’s most recognised financial institutions. You deposit money, earn interest, and withdraw whenever you like — there are no gimmicks, no auto-saving features, and no investment options.
Marcus has historically offered competitive rates and is well regarded for its simplicity. It’s a particularly good fit for savers who want one account, one rate, and full FSCS protection under Goldman Sachs International Bank.
About Chip
Chip is an app-based savings and investment platform that goes beyond a standard savings account. Its standout feature is smart auto-saving — Chip analyses your income and spending, then automatically sets aside small amounts you can afford, making saving feel effortless.
Chip also offers a competitive Instant Access account, as well as stocks and shares ISAs and general investment accounts. It’s a broader platform than Marcus — better suited to savers who want everything in one place.
Interest rates: how do they compare?
Both Marcus and Chip offer variable easy access rates that change with the market. The most reliable approach is to check each provider’s current rate directly and use our savings calculator to see exactly what your balance would earn with each one.
FSCS protection
Both providers offer FSCS protection up to £85,000. Marcus operates under Goldman Sachs International Bank’s licence. Chip holds savings with partner banks — check which bank holds your funds when you open an account, particularly if you already save with that institution.
Who should choose Marcus?
- You want a simple, reliable easy access account with no additional features to navigate
- You value the backing of a major global financial institution
- You already have separate investment accounts and just need a home for cash savings
- You prefer managing savings via a browser rather than exclusively through an app
Who should choose Chip?
- You struggle to save consistently and want auto-saving to do the work for you
- You want savings and investments in one app
- You’re comfortable managing your money entirely through a smartphone app
- You want flexibility to grow from cash savings into investing without switching platforms
Can you use both?
Yes — and for some savers, using both makes sense. You might keep a larger lump sum in Marcus for its simplicity, while using Chip’s auto-saving feature to build up a separate pot month by month. Use our savings calculator to compare what each account’s current rate would earn on your balance before deciding.
Summary
Marcus wins on simplicity and institutional credibility. Chip wins on features, automation, and breadth. If you want a no-fuss easy access account, Marcus is hard to beat. If you want your savings to work harder with less effort on your part, Chip is worth a serious look. For more options, see our guide to the best easy access savings accounts UK.