Withdrawing bonus funds
Whilst you will be able to see bonus funds in your balance, you won't be able to withdraw them unless you're withdrawing your entire balance.
When bonus funds make up part of your withdrawal, they will arrive as a separate transaction from the rest of your withdrawn funds.
Bonus funds can take up to 5 working days to reach you, as they are held in a separate place. However, these will usually arrive in your linked account within 48 hours.
What is a bonus?
It's important to remember that while your deposits are protected, bonus is not cash and isn't covered by the Financial Services Compensation Scheme (FSCS). This is money Chip will pay when you withdraw all of the cash you've deposited into the relevant account.
If bonus has been added to your account, you will see this in the transactions.
Bonus funds can not be transferred to another Chip product. It's also worth bearing in mind that bonus funds do not compound. This means that you won't earn bonus on your bonus like you would with compound interest.
Bonus funds do not count towards entries in the Prize Savings Account.
Is my bonus taxable?
Interest/bonus received from savings accounts and products counts towards your personal savings allowance, which includes the bonus you receive from your Chip accounts.
Chip would always recommend consulting a tax professional if you are unsure about any tax you may owe.
You can read our full terms and conditions here!