Chip Cash ISA will I loose interest 7/or bonus if I transfer to another ISA after bonus period ends

confusedagain62

I am new to cash Isa’s this will only be my second year saving this way

I have seen on money savings expert web site that Chip are currently offering a 1.58% bonus interest for 3 month for new accounts & also read elsewhere on the site to check after the bonus period ends as there may be better rates available elsewhere

I am however a little confused as to what happens if I transfer my ISA to a fixed account offering a better rate once your three month bonus ends

If I transfer to another provider will I lose any of the interest and or bonus earned up to that point am I better off just opening the best fixed rate ISA available

slinger2

Worth noting that the bonus paid will be at an annual rate of 1.58%. Obviously with the bonus only paid for 3 months you'll actually get a quarter of that: 0.395%.

confusedagain62

slinger2 said:

Worth noting that the bonus paid will be at an annual rate of 1.58%. Obviously with the bonus only paid for 3 months you'll actually get a quarter of that: 0.395%.

Think you are mistaken the details on the MSE site clearly state the bonus is a fixed rate of 1.58% and as interest is earned monthly the rate applicable for the first three months is  5.9% AER – this is comprised of an underlying 4.32% AER variable interest plus a three-month 1.58% AER fixed rate bonus

eskbanker

confusedagain62 said:

slinger2 said:

Worth noting that the bonus paid will be at an annual rate of 1.58%. Obviously with the bonus only paid for 3 months you'll actually get a quarter of that: 0.395%.

Think you are mistaken the details on the MSE site clearly state the bonus is a fixed rate of 1.58% and as interest is earned monthly the rate applicable for the first three months is  5.9% AER – this is comprised of an underlying 4.32% AER variable interest plus a three-month 1.58% AER fixed rate bonus

Precisely - if the bonus is paid at an annualised rate of 1.58% then you'll only get a quarter of that for three months, hence sub 0.4%.