Chip isa

stambridge

Trying to open a Chip isa account just now and using the code mayboost to get higher interest as mentioned in todays email. Downloaded the app, set up account and entered the promo code and it said cant use the code in accounts more than 14 days old. Has anyone else had this issue. Have contacted chip live help but closed till tomorrow morning. 

slinger2

Is the account more than 14 days old?

stambridge

No.  As I mentioned in my post I tried to open the account just now so about half an hour ago now. I have looked at reviews on trustpilot and seems others have the had the same issue. Have to hope that their customer service can sort it out when they come back in tomorrow. 

danny13579

Did you put £1 or more into the account before entering the promo code?

Have you ever had an account with Chip before?

Other than that, try again tomorrow during business hours (when Chip operate).

stambridge

I haven't actually opened the isa account yet as they say you should enter the code and then open the isa and transfer £1 or more. I have only set up my basic chip account so far. Am now wondering of their wording is poor and I need to have the isa account in place first. This does seem logical but I was following their instructions. 

danny13579

https://www.getchip.uk/savings-accounts/cash-isa#3monthisa

You need to open your cash ISA, deposit £1 or more, then enter the promo code.

I don't use Chip anymore but from what I can remember after you've opened the account and deposited your £1, you then go into your profile, go down the list to promo code and enter it there.

danny13579

Though just under that they tell you to do the opposite! 


Looks like they rushed it so it's not clear and they probably forgot to activate the code. 

Try their chat, but during business hours as they don't operate evenings or weekends, so if you have a problem then, well you won't be getting any help off them until their next office hours! 

I'm quite glad I don't use them anymore!! 

stambridge

Thanks Danny. That makes complete sense but their help section which I was following when setting it up shows as below. What yiu ahve quoted is clearly much more sensible. I thought I might loose the bonus interest rate if I did it wrong but I am probably reading too much into ir. Will try again in the morning when they are there as per your sensible suggestion. Thanks

How do I qualify for the Chip Cash Rate Boost Promotion?

You need to:

1. Be a new Chip customer;

2. Download the Chip app;

3. Enter the promo code MAYBOOST within 14 calendar days of downloading the app;

4. Open a Chip Cash ISA;

5. Deposit and hold a balance of at least £1 within 14 calendar days of entering the promo code.

danny13579

It shouldn't make any difference which way you do it. Once you've never opened a Chip account before and you've not let 14 days pass (which you haven't) the code will work for you.

Be prepared to ditch them after this gimmick promo ends though or if you see a better rate elsewhere in the next few months, which you probably will! 

stambridge

I will do that. I currently have an isa with Trading 212 but their rate has just dropped to 4.1%. It was 5.1% when I took it out so the Chip rate is attractive enough to make me consider switching nutI do keep regular watch on rates so can move on if another good offer comes up. 

stambridge

Heard back from the help team and it appears that I registered with them over 2 years ago which I don't remember but it means I am not a new customer. I did not actually open any savings account but just registering means I am not eligible for the current bonus offer. Without that them my current rate with Trading 212 is better so stick with them for now.