cisa-underlying-rate AER standard rate
Chip Cash ISA
Tax-free. Flexible. Transfer ready. It’s easy to see why 100,000+ Chip members have one.
New and existing customers can earn cisa-underlying-rate AER (variable tracker)*
All interest earned is tax-free**
Instant deposits and withdrawals
Flexible: withdraw without impacting your annual ISA allowance
**Tax treatment depends on individual circumstances and may be subject to change in the future.
Eligible deposits are protected under Financial Services Compensation Scheme up to £85,000.
Why the Chip Cash ISA
The Chip Cash is fully flexible, allowing you to deposit up to £20,000 per tax year and withdraw when it suits you - without impacting your ISA allowance. With no tax on your interest earned, and easily managed in our award-winning app, it's the smarter way to grow your wealth.
Open in minutes
No forms, no fuss. All you need is an existing bank account and your National Insurance number.
Seamless experience
Open your Chip Cash ISA and deposit from £1 as often as you like. Manage everything in your Chip app.
Unlimited access
We don't limit your withdrawals or reduce your interest rate for accessing your money.
Cash ISA transfers are here
Opening a Chip Cash ISA is simple and takes just a few minutes. You can initiate and track your ISA transfer in-app, and our award-winning customer support team is always here to help.
1. Download Chip: Get the app from the App Store or Google Play;
2. Open a Chip Cash ISA: Set up your account quickly and easily;
3. Request your transfer: When your Chip Cash ISA is open, tap the ‘Transfer’ button to request your transfer;
4. We'll do the rest: Sit back and relax as we handle the nitty-gritty.
Your total contributions for the current tax year will still be capped at £20,000. Please note that we can’t accept partial transfers; if you wish to bring your existing cash ISA(s) to Chip, you will need to transfer your entire balance.
You can initiate and track your ISA transfer in-app, and our award-winning customer support team is always here to help.
You can transfer your full cash ISA balance (i.e., your contributions from previous years' ISA allowances) into your Chip Cash ISA without it affecting your current year's allowance.
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Instant cash ISA benefits
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.
With other providers, withdrawn funds can lose that tax-free status and will be taken off your ISA allowance. To add to that, you may be limited to a few withdrawals a year, or face a reduction to your interest rate for accessing your money. But not with Chip.
Please note: If you transfer your full balance out of the Chip Cash ISA, you will no longer be able to redeposit or transfer funds, and your account will be closed.
What is the Personal Savings Allowance?
The Personal Savings Allowance is the amount of tax-free interest you're able to earn annually across all of your accounts (not including ISAs).
Basic rate taxpayers have a £1,000 interest per year limit.
Higher-rate taxpayers have a £500 interest per year limit.
Additional rate taxpayers have no tax-free interest allowance.
With a cash ISA, the interest earned on your savings isn’t subject to tax, meaning you can potentially see a higher return compared to a regular savings account.
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Covered by FSCS
All money deposited into a savings or investment account through Chip is eligible for cover by the Financial Services Compensation Scheme (FSCS), subject to FSCS conditions.
The first £85,000 you deposit into your savings account is covered by FSCS, meaning that in the unlikely event that one of our banking partners ClearBank or Chip fails, you will be protected and your money will be safe. Find out more about how we keep your money safe.
How to open your Cash ISA
We've made it easy to start building wealth with our savings accounts. No forms or fuss, get started in just a few minutes - download the app via Google Play or App Store.
Find 'Savings' tab
On the ‘Savings’ tab of your Chip app, you can choose from a range of savings accounts offering great interests rates and chances to win big prizes.
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Connect your bank
In order to make near instant saves and withdrawals, you just need to connect your bank. Follow the simple steps to add your account in a few taps.
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Start saving!
Make your first deposit via bank transfer, from your Chip savings accounts, debit card or Apple/Google pay and that’s it. Your account is open!
Cash ISA FAQs
Everything you've ever wanted to know about the Chip Cash ISA. Find all our up to date terms here.
The Bank of England Bank Rate, often simply referred to as the base rate, is the interest rate at which the Bank of England lends money to commercial banks. It serves as a benchmark for all other interest rates in the economy, influencing the rates that banks offer on their lending and savings products.
The Monetary Policy Committee (MPC), a group within the Bank of England, sets the base rate based on economic conditions, with the primary aim of managing inflation. MPC decisions are widely reported on and their meeting notes are a matter of public record.
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.
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.
Basically, 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. Read more here
The annual ISA allowance is £20,000 across the four different types of ISAs available, this includes the Cash ISA.
For example, if you had £10,000 in your Chip Stocks and Shares ISA and £10,000 in a Chip Cash ISA, you would have reached your annual ISA limit. Your annual ISA allowance resets at midnight 5 April 2025.
After this point we are in a new tax year and your new £20,000 ISA allowance comes into effect.
A flexible ISA allows individuals to withdraw money from their ISA accounts and then replace it within the same tax year without affecting their annual ISA allowance. Also, if you withdraw your money in our Cash ISA, you won’t receive any restrictions or penalties.
Interest is paid on the fourth working day of each month.
Still have questions?
Opening a Chip account takes just a few minutes. No forms, no fuss.
1. Download Chip
Head to the App Store or Google Play Store.
2. Create an account
Enter a few details and pass a quick check.
3. You're good to go!
Choose from our range of finance products.
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