Chip Cash ISA - different rates

Yellowman

Chip currently offers a Cash ISA at 4.7% but only 3.8% for previous account holders.

Is it possible to close Chip completely and re-apply at a later date in order to become a 'new' account holder again?

Has anyone done this after a particular time period?

rawy

Yes, just need to use a different email address,  I left it a couple of days after closure before opening a new account.  

Rawy

jimjames

Yellowman said:

Chip currently offers a Cash ISA at 4.7% but only 3.8% for previous account holders.

Is it possible to close Chip completely and re-apply at a later date in order to become a 'new' account holder again?

Has anyone done this after a particular time period?

As far as I'm aware once you close a Chip account they won't allow you to reopen one in future (at least according to their T&Cs) Whether they do that by checking email address or NI number I don't know but it may be they have now changed that based on the previous reply.

sammy_zammy

jimjames said:

Yellowman said:

Chip currently offers a Cash ISA at 4.7% but only 3.8% for previous account holders.

Is it possible to close Chip completely and re-apply at a later date in order to become a 'new' account holder again?

Has anyone done this after a particular time period?

As far as I'm aware once you close a Chip account they won't allow you to reopen one in future (at least according to their T&Cs) Whether they do that by checking email address or NI number I don't know but it may be they have now changed that based on the previous reply.

I closed my account the other day since the booster rate was no longer competitive. In the email confirming they were processing the transfer, they said:

” Once the transfer out has been successfully processed, Chip will close your Cash ISA and you will be unable to open another one with Chip in the same tax year.”

which seems to go against what their Ts&Cs say!

danny13579

Yellowman said:

Is it possible to close Chip completely and re-apply at a later date in order to become a 'new' account holder again?

Yes, you can do this. I would leave it at least a few days in between closing the old account and opening the new one, so your old details are completely removed from their systems.

Also the current bonus rate is only for 3 months.

Yellowman

The bonus on the Chip Cash ISA is currently for 12 months.

It appears that account closure can only be done via message. I have tried a number of times without reply.

danny13579

Yellowman said:

The bonus on the Chip Cash ISA is currently for 12 months.

It's 3 months.

Yellowman

Yes, thanks - it was changed today. It was 12 months earlier.

darren72

Can you re-open using the same e-mail address if your online account has been deleted after a previous closure ?

friolento

jimjames said:

Yellowman said:

Chip currently offers a Cash ISA at 4.7% but only 3.8% for previous account holders.

Is it possible to close Chip completely and re-apply at a later date in order to become a 'new' account holder again?

Has anyone done this after a particular time period?

As far as I'm aware once you close a Chip account they won't allow you to reopen one in future (at least according to their T&Cs) Whether they do that by checking email address or NI number I don't know but it may be they have now changed that based on the previous reply.

I think they may have changed their stance on this. Here is a recent closure confrmation, of the complete Chip account:

I was able to open an account again. However, they don't appear to offer you a bonus rate if you had a previous bonus rate on a given type of account

YMMV.

friolento

darren72 said:

Can you re-open using the same e-mail address if your online account has been deleted after a previous closure ?

It seems you can. But I don't think you get a bonus rate again if you have had a previous bonus rate on the same type of account. Not sure whether they'd let you have an ISA again if you have transferred one out earlier.