Just opened a Chip Cash ISA (5.10% AER)

Royoftherovers2024

Hello everyone,

Yesterday I opened a Chip cash ISA(5.10% AER). I've linked it up with my bank account for 90 days and as yet not transferred anymoney into it. I did read something about transferring back out I might have to give them a call first, not sure I'll have to do this if I've linked my bank account already?

It was very easy to open, no uploading any ID or proof of address, just picked me up from entering all my personal details.

I did have a look about at easy access savings and ISA's and this seemed to tick all the boxes, I wanted easy access with no penalties, monthly interest and as high interest as possible. I do realise its variable interest, hoping it doesn't go down  in interest too soon.

Just wondered if anyone else has any experience of Chip and any thoughts on them, positive or negative?

I'm intending to deposit 20k into it in the next 2 weeks and then deposit £1250 each month into it from 6th April onwards.

Thanks in advance for any comments.

j_netprofit

No issues with Chip here whatsoever, personally not opened their new ISA however my wife has.

Been using the EA saver for about a year though and found it fantastic.

$17mma

Who are Chip? what bank is that please?

Thanks

Exodi

$17mma said:

Who are Chip? what bank is that please?

Thanks

Chip is predominantly app based, though they are still FSCS protected - https://www.getchip.uk/

jay_ftw said:

No issues with Chip here whatsoever, personally not opened their new ISA however my wife has.

Been using the EA saver for about a year though and found it fantastic.

Second to this, my wife also uses them for her EA savings.

Credit where credit is due, the withdrawals are lightning fast, nearly always in the account within seconds.

Probably my favourite savings app also, I just stopped using them because Tandem happened to be paying a slightly higher rate of interest at the time (but my wife is happy to compromise on the rate for convenience).

j_netprofit

Exodi said:

Probably my favourite savings app also, I just stopped using them because Tandem happened to be paying a slightly higher rate of interest at the time (but my wife is happy to compromise on the rate for convenience).

I've literally just done the same with Monument now, again only for a slightly better rate. 

But as far as service, had no qualms with Chip whatsoever, and do recommend them.

Archerychick

Our instant access savings are with Chip. The app is great, probably one of the easiest to use. I like that it shows me accrued interest as well each day ahead of that being paid on the 4th working day of the month

their rate is also good 

haven’t had any need to contact them though so can’t comment on service 

Saltyrob

Hi,
I have registered with CHIP following MSE update but help back die to noticing a membership tab saying 28days.
looking into it there is a platform fee on Chip or a fixed rate fee for CHIP X.
for investments.
Am I right in saying there ISN’T a platform fee if you open a Cash ISA?

Many thanks
Rob

j_netprofit

There are no fees for the Chip Easy Access Account or Cash ISA.

But to open a S&S ISA you need to be a Chip X member which is £5.99 a month.