CHIP instant access -- A warning to those who opened an account before Feb 11th 25 February at 10:11AM in Savings & investments 3 replies 385 views

sgog

As discussed here a lot, CHIP has shifted this month from paying a (not FSCS protected, not interest baring) "bonus" to paying a standard interest.

However, while their app is now showing "You've earned £XXX.XX in returns to date", this amount includes the bonus, which is still not FSCS protected and not interest bearing.
I.e., the bonus is not converted to standard returns.

That is to say, if you have earned a bonus before this transition, and haven't done so already, it might be good to withdraw the whole amount and redeposit it. 
This will earn you interest on your "bonus" and will make it protected.

johnmoney05

Only a few quids to me....just left there anyway

AmityNeon

My "returns to date" includes everything I've already previously withdrawn, which also includes the two bonuses paid on 7th Feb and 11th Feb.

You can withdraw your entire balance plus any remaining bonus, then immediately redeposit your withdrawn balance so you don't have to lose a day's interest whilst waiting for the bonus to process.

charlie12525

I used a code to get a £50 bonus after 6 months.. but only if the account stays funded above a certain level so watch out for this if it applies to you. You could lose the bonus.