If you’ve recently signed up for our limited-time cash ISA rate boost promotion, you might be wondering how exactly the boost works, and when you’ll see it reflected in your account. 

In this blog, we’ll guide you through the key details of the promotion, including how and when the boosted interest rate is applied, and what to expect moving forward.

‍

What is the Chip Cash ISA rate boost promotion?

Our cash ISA rate boost promotion offers new Chip customers a chance to secure an additional 0.28% interest (AER) on top of the standard Chip Cash ISA rate, which currently stands at 4.84%. The boosted rate brings the total AER to 5.12% (variable tracker).

Note, the rate boost offer initially was 0.17% ran from 10 September until midnight Sunday 15 September 2024. We subsequently extended it a week to finish a 23:59 on 22 September 2024 and increased the rate boost to 0.28%.

How to qualify for the rate boost

To qualify for the rate boost you need to:

• Be a new Chip customer;
• Open a Chip Cash ISA;
• Enter the promo code ISABOOST;
• Deposit at least £1 by no later than 23:59 22 September 2024.

When will the boost be applied?

The rate boost offer initially ran until midnight Sunday 15 September. We subsequently extended it a week to finish on 22 September 2024 and increased the rate boost to 0.28%.

Here’s the dates when the rate boost is applied: 

• Midnight 16 September 2024 - If you qualified 10 to 15 September 2024, the 0.17% boost is applied for 365 days from 16 September 2024. 

• Midnight 23 September 2024 - If you qualified 16 to 22 September 2024, the 0.28% boost will be applied for 365 days from 23 September 2024.

How is the boost applied?

The 0.17% or 0.28% rate boost will be added to your existing Chip Cash ISA interest rate and applied daily to your account balance as if you were earning 5.01% or 5.12% AER (variable tracker).

Note that while your interest accrues daily, it is paid out monthly (on the 4th business day of each month), so you won’t see your first payment until October 2024. 

What happens if the Chip Cash ISA rate changes?

The rate boost lasts for 365 days (see above for the start dates), after which your account will revert to the underlying Chip Cash ISA rate (currently 4.84% AER). 

While your rate boost is fixed for 365 days, it’s important to note that the underlying rate associated with the Chip Cash ISA is a variable tracker rate that follows the Bank of England.

You can learn more about how tracker rates work at Chip here. 

What should I do if I don’t see the boost in my Chip account?

If you’ve followed all the steps—entered the promo code, opened a Chip Cash ISA, and deposited at least £1—rest assured the boost will be applied automatically starting either;

• 16 September (if you qualified between 10-15 September), or;
• 23 September (if you qualified between 16-22 September).

If you don’t see an immediate reflection of the boost, keep in mind that interest is calculated daily, but paid out monthly.

In the unlikely event you encounter any issues, our award-winning customer support team is available via the in-app chat, or through email at hello@getchip.uk.

What happens if I withdraw my money?

Withdrawing from your Chip Cash ISA doesn’t disqualify you from the rate boost, but the boost will only apply to the balance you retain in your account each day. 

As long as your balance stays above £1, the boost will remain in place.

‍

‍

‍