The Smart Cash ISA is a cash ISA from Chip Financial (Investments) Limited that lets you save up to £20,000 per tax year and earn interest completely tax-free – all with access to your money whenever you need it.

‍

Interest accrues daily and is paid annually once a year on your account anniversary, or the next working day if your anniversary is a non-business day, so your savings are always working in the background. With unlimited withdrawals that are with you the next working day.

‍

The Smart Cash ISA is a fully flexible ISA, meaning you can withdraw and redeposit funds within the same tax year without affecting your annual ISA allowance.

‍

Your money is held across multiple UK licensed banks which allows us to bring you a competitive rate. These include Lloyds Bank plc, HSBC Bank plc, Barclays Bank plc, Qatar National Bank (Q.P.S.C), Santander UK plc, Nationwide Building Society, and National Bank of Kuwait (International) plc.

‍

Please note: From 6 April 2027 cash ISA allowance is due to change for people under 65. The new maximum amount you can deposit into all your cash ISAs (across all providers) for the 2027/28 tax year will be £12,000. This is a reduction from the current £20,000 limit.

Both accounts interest earnings are tax-free, but they work in slightly different ways.‍

‍

There are three key differences. Where your money is held, when you receive interest and how long withdrawals take.

‍

How your money is held

While the Chip Cash ISA is held and managed by ClearBank Limited, the Smart Cash ISA is managed by Chip Financial (Investments) Limited and your money is held across a range of UK-licensed banks. This allows us to search the market to bring you a competitive rate.

‍

Our partner banks for the Smart Cash ISA include Lloyds Bank plc, HSBC Bank plc, Barclays Bank plc, Qatar National Bank (Q.P.S.C), Santander UK plc, National Bank of Kuwait (International) plc.‍

‍

When you receive interest

• Chip Cash ISA: Your interest is calculated daily and paid into your account every month on the fourth business day.

• Smart Cash ISA: Your interest is calculated daily and paid into your account once a year on your account anniversary, or the next working day if your anniversary is a non-business day.

‍‍

How long withdrawals take

• Chip Cash ISA: Withdrawals are typically processed within seconds, though they can sometimes take up to two hours.

• Smart Cash ISA: Withdrawals will land in your linked account the next working day.

Finding your account number and sort code is quick and easy. Just follow these steps:

1. Make sure your Chip app is up to date and that you have a linked bank account (you can check this in the Profile tab).
2. Open the Chip app and go to the Savings tab.
3. Select the account you want the details for.
4. Tap Details in the top right-hand corner.

This will display the account number and sort code for your selected account.

If the bank account isn't linking, please don't worry! Here are the most common things to check first:

• Is it the right account? The bank account you're linking must be the same account connected to the debit card you use with Chip.

• Is it a current account? We can only link to personal current accounts. We can't link to business or savings accounts.

• Is it in your name? We can only accept current accounts that are in your name.

• Are you using the latest app version? Sometimes, simply uninstalling and reinstalling the Chip app can fix a technical glitch.

• Have you tried removing your linked debit card? It's worth removing your linked debit card and trying again. You can do this by tapping on your linked card and tapping Remove debit card.

‍

Still having issues? Try these advanced steps

If the standard checks haven't worked, the issue is often related to your phone or browser settings.

• Check your browser: Are you using the default browser for your device (e.g., Safari for iPhone or Chrome for Android)? If not, please try switching to your default browser and linking again.

• Clear your browser data: Try clearing the cookies and cache in your browser. This often resolves connection errors.

• Update your bank's app: Make sure your bank's dedicated app is fully up-to-date.

• Remove any VPNs: If you are using a VPN, please temporarily disable it, as this can sometimes block the secure connection needed to link your account.

If you’re still having trouble, you can easily get in touch with our support team using the in-app chat in the Contact us section on the Profile tab.

Savings accounts

Before you can withdraw funds, you need a linked bank account on your Chip account. Withdrawals can only be sent to your linked bank account. To make a withdrawal:

• Go to the Savings tab and select the account you want to withdraw from.

• Tap Withdraw and enter the amount.

• Confirm the withdrawal. You'll receive a confirmation in the app and via email once it's complete.

‍

Investments‍

Selling units in a fund

If you want to sell units in a fund, here's how to do it:

• Go to the Invest tab, select your investment account, and then the fund you would like to sell units from.

• Tap Sell and enter the number of units you wish to sell. You can enter whole numbers or fractional amounts (e.g., 0.5 units). 

It's important to remember that the value you see is only an estimation at this point. The final amount you receive may be higher or lower depending on the value of the fund when the transaction is processed.

‍

Withdrawing from uninvested cash

Before you can withdraw from uninvested cash, you need a linked bank account on your Chip account. Withdrawals can only be sent to your linked bank account. To make a withdrawal:

• Go to the Invest tab and select Cash.

• Tap Withdraw and enter the amount.

• Confirm the withdrawal. You'll receive a confirmation in the app and via email once the funds have been withdrawn. 

Processing times depend on the Chip account you withdraw from. The full timescales are below.

‍‍

Withdrawing from savings accounts

Prize Savings Account: Typically within minutes, but can take up to 2 hours

Chip Instant Access Account: Typically within minutes, but can take up to 2 hours

Chip Easy Access Account: Typically within minutes, but can take up to 2 hours

Chip Cash ISA: Typically within minutes, but can take up to 2 hours

Smart Cash ISA: By the end of the next working day

‍

Please note: Occasionally, withdrawals may take slightly longer to process if additional checks are required. These checks are in place to help keep your account secure and ensure we remain compliant with financial regulations. We’ll always aim to keep any delays to a minimum.‍

‍

Withdrawing from investments (General Investment Account/Stocks & Shares ISA)

From a fund to uninvested cash: Up to 3 business days‍

From uninvested cash to your linked account: Up to 5 business days