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# Seeking Advice on Cash ISAs

Hello all,

I am in need of a cash ISA and have been looking into different options. According to research from MSE, Chip is listed as the second highest paying option and its interest rate is not guaranteed to drop after a year. However, I noticed that there is a limitation mentioned on MSE’s website – ‘no transfers in’ under the account limitations.

Does this mean that I am not allowed to make any transfers into the account at all, even initially to fund the account? I am looking to make multiple transfers into the account over time, so if that is not allowed, I may consider going with Virgin Money instead, even though their interest rate is slightly lower.

With the help of AI Legalese Decoder, I could easily decode the complex language used in the terms and conditions of different cash ISAs. This AI tool can provide me with a simplified explanation of the account limitations and help me make an informed decision about which option is best for me.

Thank you!

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View Reference


  • snaphunter

    Chip don’t allow you to transfer money in from another ISA; essentially you have to start from ┬ú0 and pay in at most ┬ú20k per tax year from your current account.

  • glenrothes

    I think this will mean transferring money in from an existing ISA. For example, if you had a cash ISA from last year with ┬ú15k in it then with most new providers you could open a new account with them, then initiate a ‘transfer in’ from within the new provider to move in the money from the old provider. In this case the ┬ú15k would not count towards the 20k limit, as ‘transfers’ between ISAs do not count towards the cap.

    So it does not stop you depositing new funds, but means you can’t consolidate any other old ISAs by transferring them in to the Chip one.

    Chip also looks to have an unusual setup for withdrawals:

    > To withdraw, you will need to connect to Open Banking (though there’s a workaround). Chip says this is a way for it to quickly verify the account you’re withdrawing to, as a way to eliminate fraud. Or, you can contact Chip’s customer service team via the app, or message [email protected] and they will do manual anti-fraud checks to allow you to withdraw.

  • ukpf-helper

    Hi /u/specofdust, based on your post the following pages from our wiki may be relevant:


    ^(These suggestions are based on keywords, if they missed the mark please report this comment.)