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.
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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
Deposit: £10,000
Bonus: £30
Deposit: £15,000
Bonus: £40
Deposit: £20,000
Bonus: £50
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.
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.
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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With other providers, withdrawn funds can lose that tax-free status and will be taken off your ISA allowance.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.
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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.
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:
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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.
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.
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.
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.
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.
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.
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.
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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!
People who have built wealth from the pound up.
Your wealth building journey can start anywhere. Hear from a few of our members who took control of their money, and all in one savings app.
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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
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
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 2024.
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.
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. 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.
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