Chip cash ISA (boosted) interest rate: 5.15% or 4.89%?

frosch411

Hi all 👋🏼

Hopefully I haven't overlooked similar threads or post but I wanted to check on what the current boosted Chip cash ISA rate for new customers is.

Alongside T212, the Chip cash ISA is the top showcased ISA on MSE.
When I follow the link to the Chip website, I am shown the following:
4.89% AER (4.32% plus 6-month boost of 0.57%).

The account is showcased on MSE as 5.15% AER (4.58% plus 6-month boost of 0.57%).

Has today's BoE rate cut already impacted on the Chip rate offered as the cash ISA is a variable one?

Thanks 😊

eskbanker

frosch411 said:

Has today's BoE rate cut already impacted on the Chip rate offered as the cash ISA is a variable one?

Chip's ISA is a tracker one, so should be expected to follow base rate changes very quickly....

slinger2

Chip changes it's ISA savings rate on the same day as the BOE announcement. The new rate (without any bonus) is 4.32% AER, the old rate was 4.58% AER.

I've largely abandoned Chip - everything seems so complicated.

frosch411

Thank you @eskbanker and @slinger2 for your swift responses 😊 
Makes sense now 👍🏼

GaryPearson99

Chip always changes my rate the day of any BOE rate change. They don't send any notifications as in original terms that they move on the day up or down.

slinger2

"The Chip Cash ISA, the Chip Easy Access Saver and the Chip Instant Access Accounts have tracker rates. The rates on these accounts will change on the same day that the BoE base rate moves."

VNX

Chip offering 5.25pc for three months with new customer bonus 

MiserlyMartin

The rate and deal seems to be changing. Earlier today I read about 5.15% for 6 months on chip

MiserlyMartin

slinger2 said:

Chip changes it's ISA savings rate on the same day as the BOE announcement. The new rate (without any bonus) is 4.32% AER, the old rate was 4.58% AER.

I've largely abandoned Chip - everything seems so complicated.

Ages ago I downloaded to app set it up, then when it wanted access to my bank accounts I quit it and never came back. I think it's an invasion of privacy. That said if I did want to sacrifice that for 5,25% then I don't suppose I would get it because I have the app. I don't have an account though, so I'd still have to delete the app and start again with a new email address

Stolas

I used to love Chip when I started saving seriously - its instant access rate was very competitive. 

However I’ve been disappointed with each new product, which have had worse rates, or less appealing terms than accounts elsewhere. They seem to put a lot of effort into attracting new customers, but next to none in trying to retain existing ones. My account has been dormant for at least a year. 

MiserlyMartin

It's not really 5.25% if you work it out over the 12 months. For 3 months of a good rate, is it really worth the hassle of transferring in then out again?