Chip Cash ISA
An instant cash ISA designed to give you a tax-efficient way to save with full flexibility.
New members earn a boosted 5.21% AER (variable tracker).
Earn interest monthly, tax free.
Withdraw without impacting your annual ISA allowance.
Transfer your existing cash ISA(s) to Chip
Eligible deposits are protected under Financial Services Compensation Scheme up to £85,000.
For a limited time, you could earn a boosted Cash ISA rate for 365 days.
We’re giving new members a limited time opportunity to grow your savings with an enhanced interest rate. Sign up for the Chip Cash ISA today and you could enjoy an additional 0.11% AER on top of the standard rate for a full year.
How to get the boosted rate
To qualify for the rate boost, you need to be a new Chip customer. If that’s you, here’s how to take advantage of the rate boost:
Offer valid until: 31/07/2024
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Download
Get started by downloading the Chip app from the App Store or Google Play. Then follow the in-app prompts to set up your account.
Get Chip
Enter the promo code
In your app, go to Profile > Promos & Referrals > Enter promo code ISABOOST before 31 July 2024.
Open a Chip Cash ISA
Set up your Chip Cash ISA account through the app. Deposit and hold a balance of at least £1 in your Chip Cash ISA by 31 July 2024.
Download
Get started by downloading the Chip app from the App Store or Google Play. Then follow the in-app prompts to set up your account.
Get ChipEnter the promo code
In your app, go to Profile > Promos & Referrals > Enter promo code ISABOOST before 31 July 2024.
Open a Chip Cash ISA
Set up your Chip Cash ISA account through the app. Deposit and hold a balance of at least £1 in your Chip Cash ISA by 31 July 2024.
Download
Get started by downloading the Chip app from the App Store or Google Play. Then follow the in-app prompts to set up your account.
Get ChipEnter the promo code
In your app, go to Profile > Promos & Referrals > Enter promo code ISABOOST before 31 July 2024.
Open a Chip Cash ISA
Set up your Chip Cash ISA account through the app. Deposit and hold a balance of at least £1 in your Chip Cash ISA by 31 July 2024.
See how much you could save in 5 years.
Starting with a highly competitive 5.21% AER, use our projection calculator to see how much money and tax you could save in five years with Chip’s Cash ISA.
Rates for existing members
The additional 0.11% rate boost for 365 days is a temporary promotional offer for customers joining Chip between 25 and 31 July 2024. The rate for new customers will revert back to 5.10% AER (variable tracker) after 31 July 2024.
Existing Chip members continue to earn 5.10% AER (variable tracker) on deposits in their cash ISA.
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 and all-in-one award-winning savings app, 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.
Unlimited access
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.
Our instant access cash ISA is a new savings account designed to help grow your wealth. Unlock higher returns with the Chip Cash ISA with an interest rate 2x higher than high street banks.
Grow your savings more smartly with a tax-efficient and secure account, all located within our award-winning app.
Cash ISA transfers are here
Opening a Chip Cash ISA is simple and takes just a few minutes. You can initiate and track your ISA transfer in-app, and our award-winning customer support team is always here to help.
1. Download Chip: Get the app from the App Store or Google Play;
2. Open a Chip Cash ISA: Set up your account quickly and easily;
3. Request your transfer: When your Chip Cash ISA is open, tap the ‘Transfer’ button to request your transfer;
4. We'll do the rest: Sit back and relax as we handle the nitty-gritty.
Your total contributions for the current tax year will still be capped at £20,000. Please note that we can’t accept partial transfers; if you wish to bring your existing cash ISA(s) to Chip, you will need to transfer your entire balance.
You can initiate and track your ISA transfer in-app, and our award-winning customer support team is always here to help.
You can transfer your full cash ISA balance (i.e., your contributions from previous years' ISA allowances) into your Chip Cash ISA without it affecting your current year's allowance.
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Instant cash ISA benefits
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.
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.
What is the Personal Savings Allowance?
The Personal Savings Allowance is the amount of tax-free interest you're able to earn annually across all of your accounts (not including ISAs).
Basic rate taxpayers have a £1,000 interest per year limit.
Higher-rate taxpayers have a £500 interest per year limit.
Additional rate taxpayers have no tax-free interest allowance.
With a cash ISA, the interest earned on your savings isn’t subject to tax, meaning you can potentially see a higher return compared to a regular savings account.
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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.
A tracker rate
The Chip Cash ISA has a tracker rate. This means the gross interest rate is variable and tracks at 0.26% 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.
How to open your Cash ISA
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.
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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.
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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.
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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!
Cash ISA FAQs
Everything you've ever wanted to know about the Chip Cash ISA. Find all our up to date terms here.
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.
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.
The Chip Cash ISA has a tracker rate. This means the gross interest rate is variable and tracks at 0.26% 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
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 2025.
After this point we are in a new tax year and your new £20,000 ISA allowance comes into effect.
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.
Interest is paid on the fourth working day of each month.
Still have questions?
Terms and Conditions:
Chip Cash ISA rate boost promotion
Sign up to Chip, enter the rate boost promo code, open a Chip Cash ISA account and deposit at least £1 and you could be eligible for a boosted rate of 0.11% AER on top of your Chip Cash ISA Account (“Boosted Rate Promotion”).
Download Chip and setup your new account
Head to the Profile > Promos & Referrals > Enter a code section of
the appEnter the Cash ISA rate boost promo code ISABOOST. You have 7 days to enter the code after downloading the app.
Open a Chip Cash ISA account and deposit at least £1
Ensure the above criteria is met by 31st July 2024 at 23:59pm
Boosted rate is automatically applied to your Chip Cash ISA account
from 1st August 2024 (providing eligibility criteria met) for a duration
of 365 days.
You must be a new Chip customer. A new customer is defined as someone who has never previously held a Chip account.
You must have a minimum of £1 in your Chip Cash ISA account at 23:59pm on 31st July 2024.
You have 7 days from the date you download the Chip app to enter the promo code.
You must be on at least version 4.56.0 of the Chip app.
The 0.11% AER boost would be applied on top of your existing Chip Cash ISA account AER interest rate for 365 days from the 1st August 2024, providing you have met all the above eligibility requirements. In the event that the underlying Chip Cash ISA account AER interest rate changes, your total rate will also change accordingly.
The boosted rate will be applied on the balance you hold in the Chip Cash ISA account each day.
The interest earned from your boosted rate is paid monthly as part of your regular monthly interest payment (4th business day).
When your boosted rate expires it will return to the existing Chip Cash ISA account basic interest rate.
With all Chip promotion campaigns, you must be over 18 years old and be a resident of the United Kingdom, in order to participate.
Any Chip promotion is also subject to the eligibility requirements of a Chip account, which can be found in Section 4 of our Terms of Use.
If Chip has grounds to suspect any entrant or third party of gaming, deception or fraudulent or unreasonable conduct of any kind (including, without limitation, manipulating promo codes) or if Chip believes the promotion is being abused in any way, Chip reserves the right (in its sole discretion) to disqualify any promo code or person it reasonably believes to be responsible for, or associated with, such activity and/or refuse to apply any promotion.
Chip reserves the right to modify or terminate the Boosted Rate Promotion at any time without notice.
Promo FAQs
Everything you've ever wanted to know about the Chip Cash ISA promo. Find all our up to date terms here.
This is a limited promotion between 25 July and midnight 31 July 2024, where you can get a boosted interest rate of 0.11% AER on top of your Chip Cash ISA’s standard rate for 365 days from 1 August 2024, provided you enter a promo code and meet the eligibility criteria.
You need to:
Be a new Chip customer;
Download the Chip app;
Enter the promo code within 7 days of downloading;
Open a Chip Cash ISA;
Deposit and hold a balance of at least £1;
Before 23:59 on 31 July 2024.
A new customer is someone who has never previously held a Chip account.
Download the Chip app;
Set up your account;
Go to Profile > Promos & Referrals > Enter a code (before 31 July 2024).
Then, open a Chip Cash ISA and deposit and hold a balance of at least £1 before 31 July 2024.
The boosted rate will be applied from 1st August 2024 for a duration of 365 days, provided you meet all eligibility requirements.
The 0.11% AER boost is added to your existing Chip Cash ISA AER interest rate.The boosted rate will be applied daily to your balance and the interest will be paid monthly.
If the underlying Chip Cash ISA rate changes, your AER will also change accordingly, however your 0.11% boost will remain the same.
Example:
The underlying rate is currently 5.1%, your boost takes your AER to 5.21% (5.1% + 0.11%).
If the underlying rate drops to 4.9%, your boost takes your AER to 5.11% (4.9% + 0.11%).
The interest earned from the boosted rate is paid monthly as part of your regular monthly interest payment, which occurs on the 4th business day of each month.
After 365 days, your interest rate will revert to the basic Chip Cash ISA interest rate.
Yes, you must be using at least version 4.56.0 of the Chip app to participate in the promotion.
You have until 23:59 on 31 July 2024 to enter the promo code to qualify for the boosted rate (provided you meet the other eligibility criteria).
No, you must enter the promo code by 23:59 on 31 July 2024 to qualify for the boosted rate.
Yes, you must deposit and hold at least £1 into your Chip Cash ISA by 23:59 on 31 July 2024.
No. Pending transfers do not count towards the minimum £1 balance. To qualify for the boosted rate you will need to deposit and hold a minimum balance of at least £1 in your Cash ISA before 23:59 31 July 2024.
To qualify for the boost you need to deposit at least and hold a balance of at least £1 before 23:59 on 31 July 2024, if your balance is under £1 on this date, you will not be eligible for the boost.
Withdrawing money does not disqualify you, but the boosted rate only applies to the balance you hold in your Chip Cash ISA each day.
No, the promotion code can only be used once per new customer.
If you encounter any issues, you should contact Chip customer support for assistance. You can reach out to our support team via the in-app chat (which can be found in the Contact us section on the Profile tab) or via email at hello@getchip.uk
No, the promotion is only available to new Chip customers who have never previously held a Chip account.
You can find more information about the eligibility requirements for a Chip account in Section 4 of Chip's Terms of Use.
Yes, Chip reserves the right to disqualify any participant or promo code if there is any suspicion of deception, fraudulent activity, or abuse of the promotion. Chip also reserves the right to modify or terminate the Boosted Rate Promotion at any time without notice.
Opening a Chip account takes just a few minutes. No forms, no fuss.
1. Download Chip
Head to the App Store or Google Play Store.
2. Create an account
Enter a few details and pass a quick check.
3. You're good to go!
Choose from our range of finance products.
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