CHIP instant access -- A warning to those who opened an account before Feb 11th

sgogsgog Forumite
52 Posts
Second Anniversary 10 Posts Name Dropper
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.


  • johnmoney05johnmoney05 Forumite
    1.5K Posts
    Part of the Furniture 1,000 Posts Combo Breaker
    Only a few quids to me....just left there anyway
  • AmityNeonAmityNeon Forumite
    508 Posts
    100 Posts Name Dropper
    My "returns to date" includes everything I've already previously withdrawn, which also includes the two bonuses paid on 7th Feb and 11th Feb.

    You can withdraw your entire balance plus any remaining bonus, then immediately redeposit your withdrawn balance so you don't have to lose a day's interest whilst waiting for the bonus to process.
  • charlie12525charlie12525 Forumite
    27 Posts
    10 Posts Second Anniversary
    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.
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