The Chip Cash ISA is a tax-efficient ISA that has a tracker rate. This means the gross interest rate is variable and tracks at 0.26% below the current Bank of England base rate. The Chip Cash ISA is free to open and offers FSCS protection* up to £85,000 through our partners at ClearBank.

Please note that the £85,000 FSCS-protected amount is shared across the Chip Cash ISA, Chip Instant Access Account, Prize Savings Account and any other account you hold with ClearBank.

Check out our Chip Cash ISA FAQs below!

A cash ISA (Individual Savings Account) is a type of savings account available to residents in the United Kingdom. It allows individuals to earn interest without paying income tax on the interest earned. cash ISAs are considered a tax-efficient way to save because any interest earned within the ISA is tax-free.

A cash ISA, short for Cash Individual Savings Account, is similar to a conventional savings account. However, its distinctive feature is the exemption from taxation on the interest earned.

In each UK tax year (which runs from April to April), you can currently deposit up to £20,000 into a cash ISA. You can read more about cash ISAs here.

There are no fees or charges associated with opening and holding Chip Cash ISA.

To be eligible for a Chip Cash ISA, you must be over 18, a UK resident, and pay tax solely in the UK. You also must not have exceeded the overall subscription limit to open a cash ISA.

You must notify us if at any point you cease to be a UK resident.

Please note: As with all Chip products, we cannot accept applicants resident in the Channel Islands, Isle of Man or the US.

You can open a Chip Cash ISA in the ‘Savings’ tab in-app. You will need to accept the terms and conditions and provide your National Insurance Number when opening the account.

We request your NI number when opening the Chip Cash ISA as this is a requirement from HMRC.

The cash ISA rate is 4.58% AER (Variable) (4.49% Gross). The Chip Cash ISA has a tracker rate. This means the gross interest rate is variable and tracks at 0.26% below the current Bank of England base rate.

When the base rate moves up or down, your savings rate will move on the same day. This ensures it automatically stays competitive and in line with the wider market.

You can read more about how tracker rates work here.

This account offers compounding interest that is paid monthly on the fourth working day of the month.

Interest will accrue on your funds as soon as they have been processed into the account. Accrual happens daily.

Interest is paid on the fourth working day of each month.

The 'Pending Interest' figure will show all interest earned to date which is yet to be paid. This includes any interest accrued in the current month. Up until the fourth working day of the month (when interest is paid), this figure will also include any interest accrued in the previous month.

You can save up to £20,000 per tax year into ISA products, which is a limit set by the UK Government (known as your ISA allowance) and enjoy the tax-free benefit on any interest or returns you earn. You can view your allowance in-app in the ‘Profile’ tab.

While you can only deposit £20,000 into your Chip Cash ISA each tax year, there is no maximum balance for the Chip Cash ISA.

The minimum amount you can deposit is £1.

You will only be able to make a bank deposit when you securely connect your nominated bank account within the Chip app via open banking or when you transfer from one of your Chip savings accounts. Unfortunately, we’re unable to accept card/wallet deposits into the Chip Cash ISA.

To deposit, just head over to the 'Savings' tab, select the Chip Cash ISA and then tap 'Add money' and enter how much you want to add to your balance.

You can deposit by connected bank transfer (via the open banking connection) or by manual bank transfer using the account number and sort code.

You can read more about manual deposits here.

Bank deposits made via open banking into the Chip Cash ISA should clear within seconds but can take up to two hours to clear. If you’re transferring funds in from another account within Chip, this should also clear within seconds, however, this may take up to one working day to clear.

You can also transfer into the Chip Cash ISA from either the Chip Instant Access Account, Chip Easy Access Account or the Prize Savings Account. All you’ll need to do is click the ‘Transfer’ option when viewing your Chip Cash ISA in the ‘Savings’ tab.

You can withdraw cleared funds in the 'Savings' tab, which you'll see at the bottom of the app. Select your Chip Cash ISA and then on the next screen tap the ‘Withdraw’ button below your balance and confirm the amount.

Your funds should be with you within a few seconds when you withdraw, but can sometimes take up to two hours to reach you. Withdrawals will go to your nominated bank account. You can check your nominated bank account in-app in the ‘Profile’ tab.

Unfortunately, you won’t be able to set up autosaves or recurring saves to go into the Chip Cash ISA. We’re unable to accept card deposits into this account and both Autosaves and Recurring saves are made from your linked card.

The Chip Cash ISA is a flexible ISA, which means you can withdraw and deposit (almost instantly) as many times as you like, without it affecting your annual £20,000 ISA allowance. Giving you the freedom to take your money out and put it back in when it suits you, with no restrictions or penalties.

Please note that Chip does not provide tax advice or financial advice and tax treatment depends on individual circumstances and may be subject to change in the future

The money you deposit is eligible up to a total of £85,000 by the Financial Services Compensation Scheme (FSCS). Where you hold your money could affect how much compensation you’re entitled to. If you have money in multiple accounts with banks that are part of the same banking group (and share a banking licence) the FSCS has to treat them as one bank.

This means that the FSCS compensation limit applies to the total amount you hold across all these accounts, including any money you hold in a Deposit Account via the Chip App, not to each separate account. To find out more and to check your eligibility please visit https://www.fscs.org.uk/about-us/

You can view your ISA declaration in-app in the ‘Profile’ tab.

You can close your account at any time. Simply contact Chip via the in-app chat or via email at hello@getchip.uk. If you cancel within the first 14 days, any money you’d paid in will not count towards your annual ISA allowance for that tax year and you will still get the tax-free benefit on any interest earned

Yes, we can accept cash ISA transfers into Chip. You can read more about how to do this here and you can find the full list of providers we accept transfers from here.

Please note that we can only accept cash ISA transfers into the Chip Cash ISA. You won't be able to transfer other ISA types into your Chip Cash ISA.

To initiate a transfer out, you’ll need to contact your new ISA provider and they will work with us directly to complete the transfer. The process for transferring an ISA out will take up to 15 business days to complete.

Unfortunately, we’re unable to accept partial transfers.

When transferring your cash ISA out of Chip, you will need to list ClearBank as the provider.

If the provider you are transferring your cash ISA to needs to request this by post, our postal address is: Chip Financial Ltd., Sixth Floor, Fora, Montacute Yards, 1‍86 Shoreditch High Street, London, E1 6HU.

Please note that when transferring your cash ISA out of Chip, your Chip Cash ISA will automatically be closed once the transfer is complete and you won't be able to open another Chip Cash ISA in the future once it's closed.

Finally, please bear in mind that as of April 2024, you can subscribe to and hold multiple cash ISAs in the same tax year. Your £20,000 annual allowance is split across any ISAs you hold and you do not need to close one cash ISA before opening another.

If you would like to cancel a request to transfer a cash ISA out of Chip, please respond to the email you receive from us which confirms a transfer out has been requested and let us know you would like this transfer to be cancelled. You can also reach out to our support team to request this, however, we would recommend you respond to that transfer-out confirmation email as soon as possible to avoid any delays.

Please bear in mind that we cannot guarantee your cancellation request will be successful. Given that a cash ISA transfer can be processed at any point during the 15 working days timeframe (this is just the maximum timeframe), it may be too late to cancel your transfer out request by the time you reach out to us.

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ClearBank is the provider and manager for Chip’s cash ISA.

Founded in 2014, ClearBank is a purpose-built, technology-enabled clearing bank. Through its full UK banking licence and intelligent, robust technology solutions, ClearBank enables its partners to offer real-time payment and innovative banking services to their customers. They have won multiple industry awards and accolades including, the “Deloitte UK Technology Fast 50” in 2021 (a ranking of the 50 fastest-growing technology companies in the UK) and “Pioneer of the Year” at the British Banking Awards in 2020.

ClearBank Ltd are authorised by the Prudential Regulation Authority and regulated by the

Financial Conduct Authority and the Prudential Regulation Authority (Financial Services Register number: 754568). Registered Address: ClearBank, Borough Yards, 13 Dirty Lane, London, SE1 9PA

You can view their privacy notice here. ClearBank legal information can be found here

Yes, you can go to the 'Profile' tab and then select 'Account statements'.

We recognise that things can go wrong. We want to learn from our mistakes and improve your experience whenever possible. If you want to raise a complaint with us, you can do this either through email (at hello@getchip.uk), by post, or using Chip's in-app chat (this can be found by selecting ‘Contact us’ under the 'Profile' tab in the app).

Our postal address is: Chip Financial Ltd, Sixth Floor, Fora, Montacute Yard, 186 Shoreditch High Street, E1 6HU