Why a Cash ISA could be for you.

A tax-free way to build your wealth. Join our waitlist today.

ISA limits apply. Deposit £20k per tax year. Chip does not provide tax advice. Tax treatment depends on individual circumstances and may be subject to change in the future.

Up to £20k per tax year

Your ISA allowance can be spread across four types of ISAs.

Earn tax-free returns

Interest is exempt from income tax no matter how much you earn.

Open to UK residents

A Cash ISA is available to UK residents as a tax-efficient savings account.

What is a Cash ISA?

A Cash ISA is a type of savings account that works in much the same way as a regular savings account, with the key difference being that it offers tax-free interest.

You can save up to £20,000 per tax year into a Cash ISA which is a limit set by the UK Government (known as your ISA allowance) and enjoy the tax-free benefit on any interest you earn.

What is my ISA allowance?

Your £20,000 ISA allowance can be spread across four types of ISAs which are Cash, Stocks and Shares, Lifetime or Innovative Finance. You can pay into one of each type of ISA in the same tax year which runs from 6 April 2023 to 5 April 2024.

When does the tax year end?

The tax year ends on 5 April each year. This year, the tax year ends on the 5th April 2024. If you don’t use your ISA allowance for the year you will lose it as any unused allowance can’t be carried over.

Cash ISA rates from various providers

Why would I save into a Cash ISA?

Saving into a Cash ISA can be attractive for its tax-efficiency. This has become more important in recent times due to higher interest rates putting savers closer to the limit of their ‘Personal Savings Allowance’.

With a Cash ISA account, all the interest earned will be tax-exempt. For the 2023/2024 tax year, you can hold up to £20,000 in a Cash ISA and earn tax-free interest.

What is a ‘Personal Savings Allowance’?

The ‘Personal Savings Allowance’ is a tax exemption introduced in 2016 by the UK Government to enable individuals to earn interest on their savings without being taxed on it. The limit of tax-free interest depends on your personal circumstances but it's worth noting going over this could mean you’re subject to income tax.

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