Both accounts help you reach your goals with tax-free interest, but they work in slightly different ways.
There are three key differences. Where your money is held, when you receive interest and how long withdrawals take.
How your money is held
While the Chip Cash ISA is held and managed by ClearBank Limited, the Smart Cash ISA is managed by Chip Financial (Investments) Limited and your money is held across a range of UK-licensed banks. This allows us to search the market to bring you a highly competitive rate.
Our partner banks for the Smart Cash ISA include Lloyds Bank plc, HSBC Bank plc, Barclays Bank plc, Qatar National Bank (Q.P.S.C), Santander UK plc, National Bank of Kuwait (International) plc, and Nationwide Building Society.
When you receive interest
Chip Cash ISA: Your interest is calculated daily and paid into your account every month on the fourth business day.
Smart Cash ISA: Your interest is calculated daily and paid into your account once a year on your account anniversary, or the next working day if your anniversary is a non-business day.
How long withdrawals take
Chip Cash ISA: Withdrawals are typically processed within seconds, though they can sometimes take up to two hours.
Smart Cash ISA: Withdrawals will land the next working day.
Need further help?
If you have any further questions, please get in touch with our support team using the in-app chat. This can be found in the Contact Us section on the Profile tab.