Chip ISA promotion codes

NewUser

A warning message really to anyone who has just opened a Chip ISA and thought they were using the best newbie promotion code available according to the Chip in-app advice!

I opened a Chip account on 19th May where the app advised the best booster rate was 4.85%.
The following day - 20th May - they released a new booster rate of 4.96% (contained within Martin's weekly email.)

I honestly think this is all very confusing and frankly feel rather cheated.  I tried politely requesting Chip customer service to swap the promotion code I had used 24 hours earlier, and they refused.

I've had a similar experience with another bank where I opened the account during the daytime and they altered the interest rates at close of business - the following day I discovered I had been allocated the lower new rate.  However this bank's customer service saw reason and reinstated the higher interest rate for me.

The moral of this story (in my opinion) is banks move their goal posts whenever they feel inclined to do so.  Add to this they don't offer loyal customers interest rates as good as those to attract new customers.... its a no win situation. 

Thanks for reading this - at least I feel a bit better having put up this Chip promotion warning message (but I won't be renewing my ISA account with them next year!)

Emmia

Honestly, that's just life - it's like buying a coat in a shop full price, and going back a day or two later to discover they've gone on sale.

I don't think it's sharp practice by Chip, you took the account out when a particular offer was on.  If the bonus rate had gone down the following day would you have called them and asked them to move you to the newer lower paying rate, or would you just be pleased you got a good deal?

clairec666

That's what I've come to expect from ISA providers like Chip, Trading 212, etc. who are always competing with each other for the best "newbie bonus". I naively jumped on Trading 212's offer earlier in the year because it looked like a good rate at the time, but have ended up with a measly 0.22% bonus and missed out on better bonuses that appeared soon after. Oh well. If you want more consistency, go with a more established name, and potentially miss out on some higher rates. Or chase the bonuses around if you can be bothered with the hassle for the sake of some extra interest.

Itsjustmeagain

If you were happy to accept it at the time the I wouldn’t fuss over it.  The real fun starts when you try to transfer your money over it’s taking so long that any short term rate you get isn’t worth it.