Chip ISA 'no transfers in'

thejinkazama

Hello,

I am considering opening a Chip ISA. What does 'no transfers in' mean? 

Ayr_Rage

You cannot transfer ANY other ISA into CHIP, simple as that.

All you can do at the moment is subscribe up to the usual £20,000 annual allowance.

They are planning to offer transfers-in in the future and you can register for updates.

thejinkazama

Thanks. Can I pay in from a regular bank account?

bioboybill

Yes, you can.

thejinkazama

Thank you 

Ayr_Rage

I paid from my current account using Open Banking and it was an absolute doddle.

Register with Chip, select the ISA, select to pay with your bank, click on a couple of screens and all done within 5 minutes.

Thankfully no nonsense from Santander and the £20,000 was debited instantly and appeared in the Chip ISA within a minute or two.

Santander account is added as the (required) linked account in Chip, but that looks like it will expire in 71 days so I guess it'll have to be updated at a later date.

Beddie

Ayr_Rage said:

I paid from my current account using Open Banking and it was an absolute doddle.

Register with Chip, select the ISA, select to pay with your bank, click on a couple of screens and all done within 5 minutes.

Thankfully no nonsense from Santander and the £20,000 was debited instantly and appeared in the Chip ISA within a minute or two.

Santander account is added as the (required) linked account in Chip, but that looks like it will expire in 71 days so I guess it'll have to be updated at a later date.

You're lucky, Barclays has a ridiculous open banking payment limit of £3,000! But Chip does allow payment using sort code and account number instead, so I used that.

saajan_12

They mean no transfers from existing ISAs (which would usually mean from previous years allowances). Any money added will be treated as this year's money
 

TheBanker

Ayr_Rage said:

I paid from my current account using Open Banking and it was an absolute doddle.

Register with Chip, select the ISA, select to pay with your bank, click on a couple of screens and all done within 5 minutes.

Thankfully no nonsense from Santander and the £20,000 was debited instantly and appeared in the Chip ISA within a minute or two.

Santander account is added as the (required) linked account in Chip, but that looks like it will expire in 71 days so I guess it'll have to be updated at a later date.

Open Banking connections do expire, but it's dead easy to re-authorise them. It's just a measure to make sure people don't forget what consents they've granted.

Beddie

TheBanker said:

Ayr_Rage said:

I paid from my current account using Open Banking and it was an absolute doddle.

Register with Chip, select the ISA, select to pay with your bank, click on a couple of screens and all done within 5 minutes.

Thankfully no nonsense from Santander and the £20,000 was debited instantly and appeared in the Chip ISA within a minute or two.

Santander account is added as the (required) linked account in Chip, but that looks like it will expire in 71 days so I guess it'll have to be updated at a later date.

Open Banking connections do expire, but it's dead easy to re-authorise them. It's just a measure to make sure people don't forget what consents they've granted.

It's every 3 months, which cannot be changed. Typical cautious UK, Europe uses 6 months. We should be able to set our own timescales to renew - mine would be never, until I change it.

Bigwheels1111

FD allows 85k via open banking.
Maybe more.
I aim to open a Chip isa next week.
Just need my regular savers to payout so I can fund the ISA.