Chip, the fast-growing wealth app, is closing its quarterly big prize draw for its Prize Savings Account (PSA), with a guaranteed £500,000 to be won across multiple prizes, and a grand prize of £250,000 for one lucky customer.
Win £250k tax-free with Chip’s Prize Savings Account draw in March
[31 March 2026, London] Chip, the fast-growing wealth app, is closing its quarterly big prize draw for its Prize Savings Account (PSA), with a guaranteed £500,000 to be won across multiple prizes, and a grand prize of £250,000 for one lucky customer.
Chip’s first large prize draw was in December. The lucky winner of the first £250,000 Grand Prize was Lisa, from Hampshire. A loyal Chip user since 2018, Lisa plans to use the money to pay off her mortgage, pay towards her stepdaughter’s wedding, and put her 16-year old through university. Along with Lisa, 11,000 winners also received a prize in December.
Chip’s Prize Savings Account is an instant access savings account, where instead of earning interest, a customer’s cash deposits grants entries into a monthly draw to win tax-free prizes paid directly into the account. Since the PSA launched in 2022, Chip has given away almost £3m in prizes.
Entries are completely free; all customers need to do to enter is deposit into the account and hold an average balance of at least £10 at the end of the month. Every £10 of average balance gives the customer one entry in the monthly draw, and the earlier in the month that a customer deposits funds, the more entries into the draw they’ll receive.
All deposits held in the Prize Savings Account are covered by the Financial Services Compensation Scheme (FSCS); the maximum amount customers can save in a PSA is £85,000. Any prizes won are paid as a ‘bonus’ and are paid directly into the account, and don’t count towards the £85,000 balance limit.
There is a draw every month with at least one Grand Prize of £10,000 and 250 additional prizes of £10.
The next large draw is on 31st March, with the following prizes available:
Chip customers can also boost their entries: for each friend that a customer refers, the user will receive up to 500 extra entries; if a Chip user makes a £10+ deposit into a Chip investment account before the draw on 31st March, they’ll also get 100 extra entries, and if a user deposits early - i.e. into the PSA in February, Chip will add the entries gained in February to the March draw as well.
Alex Latham, Co-Founder of Chip, said: “This is an amazing opportunity for Chip users to win a life-changing sum of money. Whether you want to pay off your mortgage or go on the holiday of a lifetime, we’d encourage people to sign up and enter the draw before the end of March to stand the best chance of winning”.
Established in 2017, Chip has over 400,000 active customers on its platform that helps users save, invest, and grow their wealth, with £6 billion in assets under administration. Founded by Simon Rabin and Alex Latham, Chip is on a mission to revolutionise wealth management across the UK.
About Chip
Chip is a London-based digital wealth app used by over 400,000 people. The company provides a single app that allows customers to manage and build their long-term wealth across savings and investments.
Chip offers instant-access savings accounts, a range of low-cost investment funds from established asset managers. The app will also soon look to offer AI-financial guidance to give customers a robust financial plan, with AI-powered actions.
Founded in the UK, Chip is one of the most crowdfunded fintech businesses in Europe and is backed by tens of thousands of individual investors rather than institutional venture capital firms. This unique approach to funding has not slowed growth, with Chip being named as the 6th fastest growing tech company in the UK 2025 and 16th in 2026.
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Notes to Editors:
Eligibility and Terms & Conditions for all offers and incentives apply and can be found in the Chip app or website.
