The Cashback for Bank or Investment Accounts Discussion Thread

Curlysue99

I deposited the £100 on Saturday, got the 3 ticks but no sign of the £30 bonus as of yet

where_are_we

https://forums.moneysavingexpert.com/discussion/comment/81896074#Comment_81896074

I have a large balance in Chip Cash ISA earning 4.48% which is boosted until end of May. I have withdrawn the £30 bonus. If you can`t close your GIA and keep your cash ISA then I will keep the £100 in GIA earning 3%, until hopefully some good offers come up in the new ISA "season" and I can transfer out my Chip Cash ISA and close my position with Chip altogether. A few months of paying a £1 fee for the GIA is acceptable.

winkowinko

https://forums.moneysavingexpert.com/discussion/comment/81896569#Comment_81896569

Yes, I'm in a similar position. My Chip cash ISA is paying a bit less (4.16%), but it's still boosted for another 8 months.

I can't see the benefit in leaving the £100 (or £99 of it) as uninvested cash in the GIA though. I don't think emptying the GIA now would force an unwanted closure of the cash ISA would it?

where_are_we

Chip - Winkowinko - In your previous post you stated

"Word of caution.

You can't close your GIA and keep your cash ISA. Which means the only way you can avoid the minimum £1 per month fee for the GIA is by closing your entire Chip account."

What was your source of this condition?

Is your point that emptying the GIA to 0 is not the same as closing it?

yes you can get better than 3% elsewhere.

winkowinko

@where_are_we

I found it here, although on second look, it appears you can empty (not close) your GIA and leave it dormant. You can't just close it without it affecting your cash ISA though.

Can I close individual accounts within my Chip account? | Chip Help Centre

The word of caution was because they may try to continue collecting the £1 monthly fee even if your GIA has a zero balance.

GetRichOrDieSaving

Thanks for the Chip £30 heads up. Been a member for many years and had dormant accounts and all email correspondence turned off, so haven’t received any email (if I was even selected).

I already had two savings accounts with them but put in the code, then opened up an investment account and deposited £100 (still pending) but received the £30 in one of my original saving accounts almost instantly and have processed this for withdrawal.

Will withdraw the £100 as soon as I am able too, presumably in a few days once it’s cleared properly.

nakie999

The point about investment fees is crucial. It’s easy to chase a sign-up bonus and forget that the platform fees or market movement could quickly eat into that cashback if you aren't careful with the product choice.

allegro120

https://forums.moneysavingexpert.com/discussion/comment/81896631#Comment_81896631

I never closed my GIA, just emptied it. I can't see how they can charge me if there is no balance, they'll have to send me a bill🙂 I'm still within 12 month promotional no fee window, so not going to find out for a while.

Dizzycap

https://forums.moneysavingexpert.com/discussion/comment/81895351#Comment_81895351

Thanks for the info. However, since I switched on the MN, I'm now getting emails from Chip for everything I do in terms of payments & withdrawls, which I didn't have before 🤔. Anyway, the good news is that I withdrew the £30 bonus with no issues today; after making sure that my deposit had fully cleared before hand, and it was received in my bank account immediately 🤗😋- Again, Chip sent out a withdraw notification email 😉

Dizzycap

https://forums.moneysavingexpert.com/discussion/comment/81896831#Comment_81896831

If you empty your GIA account and leave it dormant, you won't pay a £1 monthly fee because the account isn't being actively used as there are no funds available. That's what I have done as a 3% interest rate on univested cash, isn't for me, a profitable venture; but the £30 bonus certainly is for us all 😂