ChipX - coming in a few days

Hey John! It can be a little confusing but this is the crux of it, if you are on ChipX you will still have access to your Chip+1 savings account.

Chip+1 is not an investment fund, it is a savings account, we don’t do account transfers at the moment but this is something in the pipeline. I will most definitely let you know if and when this happens.

I think he’s referring to the chip investment funds in chip AI….

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Hi Rob, yes that’s what I mean. Especially given that the investment fund fees are cheaper within ChipX (or at least that’s my understanding).

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Hi John, so there are no automatic investment fund transfers under the ChipX umbrella, If you had a ChipX account you could invest in both ChipX funds as well as the funds in Chip AI. If you wanted to just invest in ChipX funds you would have to cash in on your Chip AI funds and then deposit that into whatever you see fit in ChipX.

The investment platform fees are considerably cheaper in ChipX at 0.25% a year, Chip AI has a 0.75% yearly platform fee. Hope this gives your sister some clarity!!

I’d also add that both AI and Chip X funds counts towards your ISA limit though

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Ok… I think an example might help.
Say I’ve invested my ISA limit for this year into the “balanced fund” under ChipAI. Do I now need sell that and reinvest into the “balanced X fund” under ChipX to take advantage of the reduced fees? Or does just having ChipX now mean I get the reduced fees on my original “balanced fund”?

No as you’ve maxed your £20k ISA limit is my understanding……

Rob I got to find new ways to say thank you!

Appreciate it Rob

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Are we able transfer current ISAs from other providers yet?

Rob, thanks for the response but you didn’t really answer the question I asked.
And, if I need to sell to reinvest (and it’s all part of the same ISA) then I’m not over my annual limit.

You are right. I just didn’t understand how the cash you’d generate stayed within the ISA?

Sorry it is not a feature we offer yet, hopefully it is a feature we will bring in soon but I’m not in a position to make any promises