What is the Chip Cash ISA Rate Boost Promotion?
This is a limited promotion between 25 July and midnight 31 July 2024, where you can get a boosted interest rate of 0.11% AER on top of your Chip Cash ISA’s standard rate for 365 days from 1 August 2024, provided you enter a promo code and meet the eligibility criteria.
How do I qualify for the Chip Cash ISA Rate Boost Promotion?
You need to:
be a new Chip customer;
download the Chip app;
enter the promo code;
open a Chip Cash ISA;
deposit and hold a balance of at least £1;
before 23:59 on 31 July 2024.
What is considered a new Chip customer?
A new customer is someone who has never previously held a Chip account.
How can I redeem the rate boost promotion?
Download the Chip app;
set up your account;
go to Profile > Promos & Referrals > Enter a code (before 31 July 2024).
Then, open a Chip Cash ISA and deposit and hold a balance of at least £1 before 31 July 2024.
When will the boosted rate be applied to my account?
The boosted rate will be applied from 1st August 2024 for a duration of 365 days, provided you meet all eligibility requirements.
How is the boosted interest rate applied?
The 0.11% AER boost is added to your existing Chip Cash ISA AER interest rate.
The boosted rate will be applied daily to your balance and the interest will be paid monthly.
What happens if the Chip Cash ISA interest rate changes?
If the underlying Chip Cash ISA rate changes, your AER will also change accordingly, however your 0.11% boost will remain the same.
Example:
The underlying rate is currently 5.1%, your boost takes your AER to 5.21% (5.1% + 0.11%).
If the underlying rate drops to 4.9%, your boost takes your AER to 5.11% (4.9% + 0.11%).
When and how is the interest from the boosted rate paid?
The interest earned from the boosted rate is paid monthly as part of your regular monthly interest payment, which occurs on the 4th business day of each month.
What happens when the boosted rate promotion expires?
After 365 days, your interest rate will revert to the basic Chip Cash ISA interest rate.
Do I need a specific version of the Chip app to participate in the promotion?
Yes, you must be using at least version 4.56.0 of the Chip app to participate in the promotion.
How long do I have to enter the promo code after downloading the Chip app?
You have until 23:59 on 31 July 2024 to enter the promo code to qualify for the boosted rate (provided you meet the other eligibility criteria).
Can I still qualify for the boosted rate if I enter the promo code after 23:59 on 31 July 2024?
No, you must enter the promo code 23:59 on 31 July 2024 to qualify for the boosted rate.
Is there a minimum deposit required to qualify for the boosted rate?
Yes, you must deposit and hold at least £1 into your Chip Cash ISA by 23:59 on 31 July 2024.
If I have a pending Cash ISA transfer, does this amount count towards the £1 deposit criteria?
No. Pending transfers do not count towards the minimum £1 balance. To qualify for the boosted rate you will need to deposit and hold a minimum balance of at least £1 in your Cash ISA before 23:59 31 July 2024.
What happens if I withdraw money from my Chip Cash ISA before the promotion ends?
To qualify for the boost you need to deposit at least and hold a balance of at least £1 before 23:59 on 31 July 2024, if your balance is under £1 on this date, you will not be eligible for the boost.
Withdrawing money does not disqualify you, but the boosted rate only applies to the balance you hold in your Chip Cash ISA each day.
Can I use the promotion code more than once?
No, the promotion code can only be used once per new customer.
What should I do if I encounter issues while entering the promo code or opening my account?
If you encounter any issues, you should contact Chip customer support for assistance. You can reach out to our support team via the in-app chat (which can be found in the Contact us section on the Profile tab) or via email at hello@getchip.uk
Is the promotion available for existing Chip customers?
No, the promotion is only available to new Chip customers who have never previously held a Chip account.
Where can I find more information about the eligibility requirements for a Chip account?
You can find more information about the eligibility requirements for a Chip account in Section 4 of Chip's Terms of Use.
Can Chip disqualify me from the promotion or modify or terminate the promotion?
Yes, Chip reserves the right to disqualify any participant or promo code if there is any suspicion of deception, fraudulent activity, or abuse of the promotion.
Chip also reserves the right to modify or terminate the Boosted Rate Promotion at any time without notice.