Prize Savings

Account

Our savings account with a monthly prize draw.
Luxury Experiences
Dubai
Luxury Experiences
Maldives
Grand prize
£10,000.00
1 Prizes of
£10,000.00
250 Prizes of
£10.00
1 prize of
£50,000.00
1 prize of
£10,000.00
250 prizes of
£10.00
1 prize of
£10,000.00
Grand prize
£10,000.00
Luxury Experiences
Sri Lanka
Luxury Experiences
Maldives
Luxury Experiences
Maldives
Luxury Experiences
Maldives
Luxury Experiences
Maldives
Luxury Experiences
Maldives
1 prize of
£50,000.00
1 prize of
£10,000.00
100 prizes of
£50.00
500 prizes of
£25.00
Luxury Experiences
Maldives
Luxury Experiences
Maldives
T&Cs, eligibility criteria and minimum average balance of £100 applies. This account does not offer interest. For current prize values, entry and eligibility criteria and how to opt-out see our Prize Savings Account Terms. FSCS limits of £85,000 apply (subject to eligibility). Prizes are not FSCS eligible until they have been withdrawn back to your linked account. ClearBank provide the account and Chip offer and manage both the account and the Prize Draw.
Get Started

Eligible deposits are protected under Financial Services Compensation Scheme up to £85,000.

What is the Prize Savings Account?

The Prize Savings Account is a savings account where instead of earning interest on your deposits, they count towards entries in a monthly prize draw.

It functions like a typical easy-access savings account, with instant deposits and withdrawals and FSCS protection on your deposits (subject to eligibility.)

Win a share of £62.5k in prizes

A Prize of £50,000, a prize of £10,000 followed by +250 additional prizes to win each month. See all our prizes.

Access your money anytime

You can withdraw when you need it with your money back with you almost immediately.

Your money is FSCS protected

Eligible deposits are protected under the Financial Services Compensation Scheme up to £85,000.

Prize Draw Entries explained

The earlier you deposit, the more entries you have.

Your number of entries is decided by your average balance over the calendar month. Your average balance is calculated by your daily balance divided by the number of days in the month.

Amount you deposit today:

£

1000

.00

By the end of this month:

87 entries

-

entries

In next month's draw:

This is assuming you don't deposit or withdraw.

100

entries

Please note depositing later in the month only affects your entries for that month's prize draw. Your deposit will count from the 1st of the following month. This is an estimation of the number of entries you may get. Actual number of entries may differ from the information displayed here. Card payments mean your deposits will take longer, therefore your entries will be different.
How this method works

Your number of entries is decided by your average balance over the calendar month.

Your average balance is calculated by your daily balance divided by the number of days in the month.

For example, if you deposit £1,000 on the first day of a 30 day month and hold it for an entire month, the average balance for the month would be £1,000 gaining you 100 entries in the prize draw. If you deposit £1,000 on the 20th day of a 30 day month, your average balance will be calculated off 20 days of a £0 balance and 10 days of £1,000.

This would give you an average balance for the month of £354.84 which would get you 35 entries in the draw.

This method allows us to reward savers who deposit earlier in the month and build long-term wealth with us.

Th next grand prize winner could be you.

Here’s what you could win in the upcoming draw:

A prize of £50,000
A prize of £10,000
250 prizes of £10
We total up all entries and winners are picked at random using open-source software. See the terms and conditions for more information. Visit our terms.

The odds of winning.

We want to be completely transparent on how likely it was that you'd win a prize in our prize draw.

1 in 1,059

odds of winning with every £10 entry.

1 in 1.6

odds of winning with £10,000 avg. balance.

84%

average win rate with a £20,000 avg. balance.

37%

average win rate with a £5,000 avg. balance.

These were the odds for the month of August. Your odds of winning a prize would increase or decrease should you deposit or withdraw from the Prize Savings Account throughout the calendar month.

How it works

Here’s how you get started with Chip for your chance to win big.

Invest in whisky

You can't really sell a decent single malt until it's at least 12 years old. And typically the longer whisky matures, the more valuable it gets. So as it matures, so could your investments.

Coming soon

Download

Scan QR code to download Chip and open an account.

Get Chip
4.6 rating 26k reviews
2

Deposit

Every £10 of average balance gets you one entry in the draw.

3

Draw

The prize draw will take place where the winner will be revealed in the first week of the next calendar month.

4

Win!

If you’re one of our lucky winners, we’ll contact you and apply any prizes to your account automatically.

Invest in whisky

You can't really sell a decent single malt until it's at least 12 years old. And typically the longer whisky matures, the more valuable it gets. So as it matures, so could your investments.

Coming soon

Download

Scan QR code to download Chip and open an account.

Get Chip
4.6 rating 26k reviews
2

Deposit

Every £10 of average balance gets you one entry in the draw.

3

Draw

The prize draw will take place where the winner will be revealed in the first week of the next calendar month.

4

Win!

If you’re one of our lucky winners, we’ll contact you and apply any prizes to your account automatically.

Invest in whisky

You can't really sell a decent single malt until it's at least 12 years old. And typically the longer whisky matures, the more valuable it gets. So as it matures, so could your investments.

Coming soon

Download

Scan QR code to download Chip and open an account.

Get Chip
4.6 rating 26k reviews
2

Deposit

Every £10 of average balance gets you one entry in the draw.

3

Draw

The prize draw will take place where the winner will be revealed in the first week of the next calendar month.

4

Win!

If you’re one of our lucky winners, we’ll contact you and apply any prizes to your account automatically.

Invest in whisky

You can't really sell a decent single malt until it's at least 12 years old. And typically the longer whisky matures, the more valuable it gets. So as it matures, so could your investments.

Coming soon

Download

Scan QR code to download Chip and open an account.

Get Chip
4.6 rating 26k reviews
2

Deposit

Every £10 of average balance gets you one entry in the draw.

3

Draw

The prize draw will take place where the winner will be revealed in the first week of the next calendar month.

4

Win!

If you’re one of our lucky winners, we’ll contact you and apply any prizes to your account automatically.

Chip does not provide tax advice. Tax treatment depends on individual circumstances and may be subject to change in the future.

FAQs

Check out our Chip Prize Savings Account draw terms below, read our full Prize Savings Account Terms or see our Prize Savings Account (ClearBank) Terms

What is the Prize Savings Account? (powered by ClearBank)

Our new Prize Savings Account is an easy access non-interest-bearing account, giving eligible account holders the chance to win more than £10,000 of prizes each month for saving with Chip.

Entries are completely free of charge, all you need to do to enter is deposit and hold at least £100 in the account (see “How do you enter to win prizes?” in the FAQ below for more). Every £10 deposited gives you one entry.

We offer prizes for saving with Chip and want to offer an alternative to the approach of traditional brick and mortar banks and Premium Bonds.

Here’s how to enter

To gain entries in the draw you simply have to deposit and hold money in the Prize Savings Account.

To be entered into the monthly prize draw you need to maintain an average balance of at least £100 throughout the calendar month.

An average balance of £100 gets you 10 entries and every additional £10 of average balance gains you one more entry.

For example an average balance in a calendar month of £5,500 would get you 550 entries. More details on how average balance works.

What are the prizes?

There will be 1 (one) grand prize of £10,000 (the "Grand Prize"). There will also be 50 (fifty) additional prizes of £100 each, 500 (five hundred) additional prizes of £25 each, 100 (one hundred) additional prizes of £50 each, and 4,250 prizes of £10 (collectively, the "Additional Prizes") per Competition (each, a "Prize").

How is the prize awarded if you win?

Should you win a prize, all non-grand prize winners will be awarded their prize by the 7th of the month, and will be contacted via email.

We will reflect your prize in your Prize Savings Account within 7 days after the prize draw.

The prize does not become cash until your full balance is withdrawn back to your current account. It also does not count towards additional entries, unless you withdraw it and redeposit.

How do you enter to win prizes?

Each month you will be entered into a prize draw provided you have an average balance of £100 or above in the Prize Savings Account and have not opted out.

The average balance you have on 11:59pm on the last day of the calendar month (the end of the Qualifying Period in the T&Cs) is what gets counted as your entries, with every full £10 deposited counting as one entry.

You need an average balance of at least £100 throughout the month to enter. For example, if you have an average balance of £100 on 11:59pm on the last day of the calendar month you’d get 10 entries each calendar month (unless you opt out).  If your average balance drops below £100, and remains at that level at the end of the calendar month, you’d have 0 entries in that month’s prize draw  (if you choose to opt out of the draw, you’ll have 0 entries, regardless of your balance).

Your average balance is calculated by your daily balance divided by the number of days in the month. For example, if you deposit £10,000 on the first day of the month and hold it for the entire month, the average balance for the month is £10,000 and therefore you will get 1,000 entries into the draw. However, if you deposit £10,000 on the last day of the month, the average will be based on 29 days of zero balance and 1 day of £10,000, giving you an average balance of £333 for the month and 33 entries in the draw.

Your entries will be taken at the end of the calendar month, but the draw will take place in the first week of the following month (no later than 5 working days after the end of the calendar month). For example, if you have an £10,000  average balance in the account on 30 September at 11:59pm, you would have 1,000 entries in the September Prize Draw, but the draw itself would take place within the first 5 working days of October. Your balance in the account would then automatically be entered into the October prize draw, which will then be drawn in November, and so on.

How and when are the winners picked?

The draw will take place within 5 working days after entries close (i.e. in the first 7 working days of the following month), with the winners’ accounts credited within 7 working days after the draw.

The winners are picked using randomisation functionality through open-source software based on the number of entries per person.

Unless you opt out, you get more entries by depositing more, and the more entries you have, the more chances you have of being selected.

Can I autosave into this account?

Yes, you can autosave directly into this account (Savings Plans settings can be found on the profile tab) and also perform manual saves at any time should you wish by selecting the account in the savings tab and tapping ‘deposit’. Saves into this account also count toward your in-app savings goals that you can set up in the ‘Goals’ tab. Please see our pricing plan page for further information.

Still have questions?