Chip ISA

safe_hands2

I'm looking for a flexible easy access cash ISA with no limits on withdrawals, and chip looks like a good possibility. Does anyone have any experience of them? Any issues?

gravel_2

Chip is fine, possibly even good. You just have to be comfortable with an app-only account.

kipsterno1

I opened an account with them this year. No issues but you do have to link it to a current account via open banking. My preferred account was one I couldn't use so I had to move the money to another.

friolento

CHIP is fine but like with any account, you need to read the T&Cs. Their rate is index-linked so will drop when BoE drops interest rates. Other places are likely to also drop their rates but may be not quite as fast. On the other hand, with Chip you know by how much the rate will drop, not something you know in advance with others. I won’t talk about pros and cons of rate rises as we’re not likely to see those anytime soon 

CHIP also still doesn’t support transfers in. May or may not be an issue for you.

You do need to link Chip to a current account. For ease of use, this would be the account you want to make deposits from. It can be (nearly) any current account you like, though, including a dormant / semi dormant one. You can make deposits via ApplePay or GooglePay, so can use any debit card.

Bigwheels1111

Chip are fine, as above they state their rate up front and what it will drop by.
Stays at 0.15% below base rate.
Instant access, bank holidays, Christmas Day etc.
Plus it’s nice to see the interest you’re getting every day.
They pay interest 4 working days into the next month from memory.

Royoftherovers2024

I opened a Chip ISA account last financial year, I find it very easy to deposit and withdrawal. Clear bank hold the money but you deposit through the Chip app.

My current account is linked to Chip app, I found it easier to transfer money into the Chip app via set up new payee from current account rather than from the app side through linked account, was a bit glitchy and made my current account bank block the transactions but now know best way to transfer very simple.


The rate is 0.26% gross below BOE base rate. Currently 5.1% AER.
Interest is credited on 5th of month, if weekend it's the Monday after.
Easy instant access with no fee.

Overall no complaints from me, obviously the rate will drop once BOE lower base rate but expect all others to follow.

safe_hands2

Thank you everyone

ForestHome

I'm a bit anxious about having to give them 90 day access to my current account through the app. Am I being daft?