CHIP Smart Cash ISA 4.86%

Growingold

Opened this account over the weekend. Deposited a small amount. Not sure about Chip so far. Have to fund it through open banking, cannot do a transfer from bank.

Other people's thoughts on Chip please. Thanks

friolento

see

https://forums.moneysavingexpert.com/discussion/6669193/chip-smart-cash-isa-beware-this-condition

FWIW, I wouldn’t touch this ISA with a barge pole

Vitor

Money deposited into the Smart Cash ISA is held across established UK licensed banks, such as Barclays, Lloyds and HSBC and is eligible for cover by the Financial Services Compensation Scheme (FSCS), subject to FSCS conditions.

FSCS limits of £120,000 per person, per bank apply, subject to eligibility. As funds may be held across multiple UK licensed banks, protection applies separately to deposits held with each bank.

JohnB47

I opened a Chip smart isa and didn’t spot the condition that investors would lose at least 10 days interest on withdrawals which, the last time I looked, meant full withdrawals and closure of the account. My mistake.

I quickly reversed my decision to transfer in funds and resolved to be ultra careful when opening ISAs in future. It’s become such a minefield.

I’ve started using simple google Ai to ask “are there any unusual conditions or traps involved with the ********* ISA. The answer is invariably useful.

sweaty_doughnut

https://forums.moneysavingexpert.com/discussion/6688935/chip-smart-cash-isa-4-86

Did you read T&C? If not run away, save yourself. There are plenty of posts online. When you transfer out you will lose a minimum of 14 and up to 43 days of interest so any better rate will be diminished via this loss.

sweaty_doughnut

https://forums.moneysavingexpert.com/discussion/comment/82193199#Comment_82193199

Great catch. Chip is the worst on the market right now I believe.