5.10%
AER

Chip Cash ISA

Designed to keep more of your interest in your pocket. Built to move with the market and reward you fast, the Chip Cash ISA is a tax-efficient, flexible way to save.

Earn a 5.10% AER (variable tracker).

Earn interest monthly, tax free.

Withdraw without impacting your annual ISA allowance.

4.6 rating 26k reviews
T&Cs apply. 4.99% gross variable, paid monthly. Chip account required. AER stands for Annual Equivalent Rate and illustrates what the interest rate would be if interest was paid and compounded once each year. The calculator on this page is just an example and not based on your individual circumstances. It assumes that you don’t add or take out any money during the year, and that there was no change to the interest rate during the 12 months.
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Eligible deposits are protected under Financial Services Compensation Scheme up to £85,000.

For a limited time, sign up to Chip with your exclusive promo code.

The more you deposit, the bigger the bonus. Save at least £5,000 into Chip’s Cash ISA and you could be eligible for a bonus on your deposit amount.

Deposit: £5,000

Bonus: £10

Code:

Deposit: £10,000

Bonus: £30

Code:

Deposit: £15,000

Bonus: £40

Code:

Deposit: £20,000

Bonus: £50

Code:

How much tax I can save with Cash ISA?

The key benefit of a Cash ISA, compared to a standard savings account is the tax free returns over your personal savings allowance.

This is a projection only. There is no commitment to deposit. Chip does not provide tax advice. Tax treatment depends on individual circumstances and may be subject to change in the future.
If your taxable income is £12,571 to £50,270
Taxable income is used to calculate your Personal Saving Allowance and income tax band. For more info on Personal Tax Allowance, visit: gov.uk/income-tax-rates
£1,000 tax-free allowance
Non-ISA
Unlimited allowance
Cash ISA
If your taxable income is £50,271 to £125,140
Taxable income is used to calculate your Personal Saving Allowance and income tax band. For more info on Personal Tax Allowance, visit: gov.uk/income-tax-rates
£500 tax-free allowance
Non-ISA
Unlimited allowance
Cash ISA
If your taxable income is more than £125,140
Taxable income is used to calculate your Personal Saving Allowance and income tax band. For more info on Personal Tax Allowance, visit: gov.uk/income-tax-rates
£0 tax-free allowance
Non-ISA
Unlimited allowance
Cash ISA
Easy App & Quick
"The app is very easy to use and depositing money into my Chip account is done in seconds without any hassle."
Fantastic app for managing money!
"Chip has completely transformed how I manage my money. Within a year I had reached all my savings goals."
Great customer service
"Rare these days with other banks but when I contacted Chip with an issue the response was very fast and the problem was immediately resolved. Well done and keep it up!"

Why the Chip Cash ISA

The Chip Cash is fully flexible, allowing you to deposit up to £20,000 per tax year and withdraw when it suits you - without impacting your ISA allowance. With no tax on your interest earned, it's the smarter way to grow your wealth.

Open in minutes

No forms, no fuss. All you need is an existing bank account and your National Insurance number.

Seamless experience

Open your Chip Cash ISA and deposit from £1 as often as you like.  Manage everything in your Chip app.

No withdrawal limits

We don't limit your withdrawals or reduce your interest rate for accessing your money.

Earn returns 2x higher than the highest ‘Big Four’ easy-access interest rate.

The Chip Cash ISA is more than just a tax-efficient, flexible, and secure way to save money; it’s been built to help your money grow in a sustainable way that broadens your wider wealth building portfolio.

2.50%
Highest of the ‘Big Four’* Cash ISA Accounts
5.10%
The Chip Cash ISA
T&Cs apply. 5.10% AER. Chip account required. *‘Big Four’ refers to: Barclays Instant Cash ISA, Lloyds Cash ISA saver, NatWest Cash ISA, HSBC Cash ISA. Rates vary between 1.21% to 2.50% AER, as of Jan 24 2024. In this calculation we work out how many times greater our Cash ISA 5.10% rate is against the 2.50% HSBC Cash ISA rate. Returns assume that rate remains the same for the year and £10,000 is held in the account with no further deposits or withdrawals.

Total flexibility

The Chip Cash ISA is a flexible ISA, which means you can withdraw and deposit (almost instantly) as many times as you like, without it affecting your annual £20,000 ISA allowance. Giving you the freedom to take your money out and put it back in when it suits you, with no restrictions or penalties.

With other providers, withdrawn funds can lose that tax-free status and will be taken off your ISA allowance. To add to that, you may be limited to a few withdrawals a year, or face a reduction to your interest rate for accessing your money. But not with Chip.

Hands-free saving

Autosaving is one of the many ways Chip empowers you to save effortlessly. By using our award-winning automatic saving feature, the app will intelligently save money for you based on your chosen autosave level.

Leveraging open banking, Chip seamlessly integrates with your linked bank account, meaning we can create personalised autosaves that align with your unique needs and spending behaviours. It's a tailored saving solution that adapts to your financial habits.

You made a save!
Now
You saved £47.24 automatically.
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Covered by FSCS

All money deposited into a savings or investment account through Chip is eligible for cover by the Financial Services Compensation Scheme (FSCS), subject to FSCS conditions.

The first £85,000 you deposit into your savings account is covered by FSCS, meaning that in the unlikely event that one of our banking partners fails, you will be protected and your money will be safe. Find out more about how we keep your money safe.

You are covered up to £85,000 per bank whether your deposits are made via Chip or not. The Chip Cash ISA is provided by UK authorised ClearBank Ltd, who also provides the Prize Savings Account and the Chip Instant Access Account. This means deposits held across the Chip Cash ISA, Chip Instant Access and Chip Prize Savings Account would be eligible for a total of £85,000 of FSCS protection ONLY.

How to redeem the offer

You must be a new customer to Chip, enter your promo code in the Profile tab of the app and save cumulatively at least £5,000. Must have a Chip Cash ISA open with no minimum balance.

Offer valid until:

Download

Scan QR code to download Chip and open an account.

Get Chip
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2

Enter your promo code for your deposit amount.

Find 'Promos & Referrals' on the profile tab and enter your code. You can find a list of codes above.

3

Deposit into your Instant Access Account.

You must hold this deposit amount in the Chip Cash ISA account for 6 months for the bonus amount to be added.

Download

Scan QR code to download Chip and open an account.

Get Chip
4.6 rating 26k reviews
2

Enter your promo code for your deposit amount.

Find 'Promos & Referrals' on the profile tab and enter your code. You can find a list of codes above.

3

Deposit into your Instant Access Account.

You must hold this deposit amount in the Chip Cash ISA account for 6 months for the bonus amount to be added.

Download

Scan QR code to download Chip and open an account.

Get Chip
4.6 rating 26k reviews
2

Enter your promo code for your deposit amount.

Find 'Promos & Referrals' on the profile tab and enter your code. You can find a list of codes above.

3

Deposit into your Instant Access Account.

You must hold this deposit amount in the Chip Cash ISA account for 6 months for the bonus amount to be added.

Chip does not provide tax advice. Tax treatment depends on individual circumstances and may be subject to change in the future.
Getting Started

How to open a Chip savings account.

We've made it easy to start building wealth with our savings accounts. No forms or fuss, get started in just a few minutes - download the app via Google Play or App Store.

Find 'Savings' tab

On the ‘Savings’ tab of your Chip app, you can choose from a range of savings accounts offering great interests rates and chances to win big prizes.

Connect your bank

In order to make near instant saves and withdrawals, you just need to connect your bank. Follow the simple steps to add your account in a few taps.

Start saving!

Make your first deposit via bank transfer, from your Chip savings accounts, debit card or Apple/Google pay and that’s it. Your account is open!

Account Summary Box
What is the interest rate?
5.10% annual equivalent rate
AER Interest is calculated daily on the full closing balance in the account. AER stands for Annual Equivalent Rate and illustrates what the interest rate would be if interest was paid and compounded once each year.
4.99% annual gross rate
The gross rate refers to the interest rate before any deductions, such as taxes or fees, are taken into account.
Interest is payable on this account. The variable interest rate is currently 5.10% AER. The Chip Cash ISA interest rate is based on the Bank of England base rate of 5.25%. To monitor the Bank of England base rate visit their website.
The interest rate is variable and tracks at a margin of 0.26% (gross) below the Bank of England base rate (“Tracking Rate”). We will notify you of any changes at this time.
Interest will be calculated daily and paid monthly on the fourth business day of each month. Information on interest paid out can be found both on your monthly statement and in the Chip App’s 'Saving' tab.
AER interest is calculated daily on the full closing balance in the account. AER stands for Annual Equivalent Rate and illustrates what the interest rate would be if interest was paid and compounded once each year.

Where at any time the Bank of England base rate is at a level that is equal to or below the Tracking Rate then the interest rate you receive will be 0.00%.

We may vary the Tracking Rate in accordance with our rights to make changes set out in Chip’s Terms and Conditions. If we increase the Tracking Rate margin (i.e. decrease your rate) you will be given 14 days notice before the change comes into effect. If we reduce the Tracking Rate margin (i.e. increase your rate), you will be given less notice. If we tell you about a reduction in the Tracking Rate and you’re not happy, you can ask us to close your Cash ISA before the change happens. If we don’t hear from you, we’ll assume that you’re happy with the change we’ve made.

Chip reserves the right to offer individual customers an additional bonus rate based on a variety of circumstances. This includes but is not limited to:

● Your Price Plan;
● Referring a friend;
● Promotional codes; or
How much interest could earn over 12 months.
This is just an example and not based on your individual circumstances. It assumes that you don’t add or take out any money during the year, and that there was no change to the interest rate during the 12 months. It also assumes that the Bank of England base rate as at 19 January 2024 remains unchanged at 5.25% during the 12-month period.
Your balance
12 month interest earned
Balance after 12 months
£100.00
£5.10
£105.10
£1,000.00
£51.00
£1,051.00
£10,000.00
£510.00
£10,510.00
£20,000.00
£1020.00
£21,020.00
Can I withdraw money?
If you make a withdrawal via the Chip app, the money is paid by ClearBank to Chip before paying it out to your linked bank account. It may take up to 2 hours for your cash funds to reach your bank account. Income earned on monies after they have been withdrawn will not benefit from any tax exemptions under the ISA Regulations.
You can also transfer all or part of your Chip Cash ISA to another ISA provider. You can do this through your new provider, who will send us a request for transfer. This can take up to 15 business days (if transferring to another Cash ISA) or 30 calendar days (if transferring to another type of ISA).
There is no minimum withdrawal amount. If you make a withdrawal and the balance falls to £0, and remains at £0 for 6 months, your Chip Cash ISA account may be closed.
Can we change the interest rate?
The interest rate on your Chip Cash ISA is variable and can go up or down depending on the Bank of England base rate.
How do I open and manage my account?
To open a Chip Cash ISA, you must complete an application online through your Chip app. You must be at least 18 years old and a UK resident to open a Chip Cash ISA. You cannot have already paid into another cash ISA in the same tax year (unless that ISA has been closed or you are transferring your ISA to us).
There is no minimum deposit. You can hold a maximum of £85,000 in your Chip Cash ISA. However, your ISA allowance for 2023/24 is £20,000 per year (this  limit also includes subscriptions you make into other types of ISA you hold).
Your Chip Cash ISA is flexible so you can replace any money you withdraw from your ISA without it counting towards your yearly ISA allowance, as long as you replace the money in the same tax year.
As a new user you will need to sign-up to Chip, complete an application for the Chip Cash ISA, make a first save and start accruing interest. If you do not complete all the steps you will not accrue interest.
As an existing user, you will need to open your Chip App, complete an application for Chip Cash ISA, make a first save and start accruing interest. If you do not complete all the steps you will not accrue interest.
When you deposit money into your Chip Cash ISA via the Chip App, Chip processes your deposit and passes the money to ClearBank to hold in your account. If you deposit directly using your ClearBank account number and sort code, Chip is not involved in the processing of your deposit.
It may take up to three business days for your funds to arrive at ClearBank depending on how you deposit via the Chip App.
Instructions regarding your Chip Cash ISA should be made through the Chip App.
Subscriptions into your Chip Cash ISA will only count from the date that the payment settles in your Chip Cash ISA account held with ClearBank and not the date it was authorised within the Chip app
There are no fees or charges associated with opening and holding Chip Cash ISA. Fees and charges may apply for additional features that you may choose to use.
Additional Information
If you cancel the Chip Cash ISA within 14 calendar days of opening it then you will not incur a penalty. There is no minimum contract duration for this account. You must be a UK resident and pay tax only in the UK to access the Chip Cash ISA.
Money held in your Chip Cash ISA is eligible for FSCS protection, provided you meet the FSCS eligibility criteria and subject to the FSCS limit of £85,000. That limit applies to all money held with a particular bank, so if you have any money in other accounts with ClearBank - whether through the Chip App or not - those balances would also count towards the £85,000 limit.
In the event that Chip were to fail, your money would continue to be held by ClearBank and there would be no need for the FSCS to step in. Chip's website would be updated with details of how to get in touch with ClearBank directly.
In the event that ClearBank were to fail, the FSCS would step in to protect customers’ funds. You would need to make a claim via the FSCS. The FSCS typically pays customer funds out within seven days (subject to you meeting the eligibility criteria and to the £85,000 limit). For more information, see How we protect your money.
ClearBank is the provider and ISA Manager of your Chip Cash ISA. Chip helps to administer your account and provides services that allow you to access and manage it.

Chip is a trading name of Chip Financial Ltd and is authorised by the Financial Conduct Authority under the Payment Services Regulation 2017 for the provision of payment services. Firm Reference Number 911255.

ClearBank Ltd is authorised by the Prudential Regulation Authority and regulated by the Financial Conduct Authority and the Prudential Regulation Authority.  Firm Reference Number 754568.

FAQs

Everything you’ve ever wanted to know about the Cash ISA. New terms in effect from 28 Jan 2024: Chip Cash ISA Key Features Document & Summary Box

What’s the Bank of England base rate of interest?

The Bank of England Bank Rate, often simply referred to as the base rate, is the interest rate at which the Bank of England lends money to commercial banks. It serves as a benchmark for all other interest rates in the economy, influencing the rates that banks offer on their lending and savings products.

The Monetary Policy Committee (MPC), a group within the Bank of England, sets the base rate based on economic conditions, with the primary aim of managing inflation. MPC decisions are widely reported on and their meeting notes are a matter of public record. 

What is a Cash ISA?

A Cash ISA (Individual Savings Account) is a type of savings account available to residents in the United Kingdom. It allows individuals to earn interest without paying income tax on the interest earned. Cash ISAs are considered a tax-efficient way to save because any interest earned within the ISA is tax-free.

What is a tracker rate?

The Chip Cash ISA has a tracker rate. This means the gross interest rate is variable and tracks at 0.6% below the current Bank of England base rate.

Basically, when the base rate moves up or down, your savings rate will move on the same day. This ensures it automatically stays competitive and in line with the wider market. Read more here

What is the annual ISA allowance and when does it reset?

The annual ISA allowance is £20,000 across the four different types of ISAs available, this includes the Cash ISA.

For example, if you had £10,000 in your Chip Stocks and Shares ISA and £10,000 in a Chip Cash ISA, you would have reached your annual ISA limit. Your annual ISA allowance resets at midnight 5 April 2024.

After this point we are in a new tax year and your new £20,000 ISA allowance comes into effect.

What does a flexible ISA mean?

A flexible ISA allows individuals to withdraw money from their ISA accounts and then replace it within the same tax year without affecting their annual ISA allowance. Also, if you withdraw your money in our Cash ISA, you won’t receive any restrictions or penalties.

When is interest paid?

Interest is paid on the fourth working day of each month.

If you deposit:
£10,000
In one year you’d earn:
£484.00
Use code:
SNP5K
Your bonus:
£30.00

Opening a Chip account takes just a few minutes. No forms, no fuss.

Get StartedGet Started
4.6 rating 26k reviews

1. Download Chip

Head to the App Store or Google Play Store.

2. Enter your promo code

Find ‘Promos & Referrals’ and enter your code.

3. Deposit into your account

Money must be held in the account for 6 months.

Get Started