What is the "£500k Draw"? ‍

The "£500k Draw" is an especially large prize draw for the Prize Savings Account happening in December.

Usually the Prize Savings Account has a prize pool of around £12.5k to £75k of prizes paid out each month, but for December there will be £500k of prizes paid out, split as follows:

• 1x Grand Prize of £250,000;
• 100x additional prizes of £1,000;
• 5,000x additional prizes of £10;
• 20,000x additional prizes of £5.

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How do I earn extra entries for the December £500k Draw with this offer? 

Deposit enough into the Prize Savings Account in November to get one entry. Every £10 of average balance = one entry. 

Note that due to the average balance calculation, the amount you need to deposit to get one entry rises throughout the month from £10 to a maximum of £300. 

See our average balance explainer to learn more.

Or use the calculator on the Prize Savings Account page to see how much you need to deposit to get one entry. 

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What is the relevant deposit period to qualify for extra entries? 

Deposits must be made between 1 November 2025 and 23:59 30 November 2025.

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How do I qualify? 

You need to deposit enough in November to get at least one entry and you need to be an active Chip user with a Prize Savings Account, with an average balance of at least £10 as of 31 December 2025, and not opted out of the draw.

Please see the full T&Cs for the full eligibility and qualification criteria.

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What if I don't have a Prize Savings Account yet? 

You can open one and then meet the eligibility criteria by depositing enough in November to get at least one entry.

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What if I already have a Prize Savings Account but my balance is under £10 on November 1, 2025? 

You need to deposit more to get at least one entry. Every £10 of average balance = one entry. 

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What if I already have a Prize Savings Account and my balance is over £10 on November 1, 2025? 

You don't need to deposit more to qualify for the extra entries. However, depositing more can further boost your entries.

Note if your average balance is under £10 on 31 December 2025 you can lose your extra entries. 

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Do I need an average balance of £100 to get  extra entries for the December “£500k” draw?

No. While an average balance of £100 is needed to enter the November draw, extra entries for the December draw are calculated based on your November average balance, even if it's less than £100.

Extra entries are calculated at a rate of 1 extra entry for every full £10 of average balance as of 23:59 on November 30, 2025 (e.g., an average balance of £50 gets 5 extra entries).

For example:

• You deposit £100 on 15 November 2025
• This will give you an average balance of £50 by end of November (provided you hold it to the end of the month)
• You won’t qualify for the November draw
• But you will get 5 extra entries in the December draw
• Assuming you don’t deposit or withdraw, your average balance in December will be £100
• This will give 10 normal entries + your 5 extra entries 
• Meaning you’ll have 15 total entries in the December draw (assuming you haven’t qualified for any other extra entry promotions).

How will I see my extra entries? 

Your extra entries will be displayed as "extra entries" in your entry tracker page for the December £500k Draw. You can navigate to this from your Prize Savings Account screen in-app.

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When will the extra entries be reflected in the app? 

Note you wont see your extra entries reflected on your main Prize Savings Account screen in app - you need to open your "Entry Tracker" page to see them.

We've built an Entry Tracker page for the £500k draw that you can open by tapping on a banner on your Prize Savings Account screen.

This page will show you how many extra entries you've earned, plus how many "normal entries" you're on track to have.

Your Entry Tracker page updates once every 24 hours. 

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Are these extra entries the same as my normal entries? 

"Extra entries" are distinct from your normal entries.

Normal entries are generated by your average balance and you can see in your usual apps.

But extra entries will simply be added to your normal entries for the £500k draw only.

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Can I lose my extra entries?

If you don’t meet the minimum criteria to be included in the December draw you will lose your extra entries.

So you need to have an average balance in the Prize Savings Account of at least £10 as of midnight 31 December 2025. 

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How is my November average balance calculated? 

Average balance is calculated by:

(Number days in that month with £ balance  £ balance)  Number days in month

See our average balance explainer to learn more.

Or use the calculator on the Prize Savings Account page to see how many entries you'll get if you deposit today?

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Is the money I deposit in November counted for the regular November draw? 

Yes, provided you deposit enough to have the average minimum balance of £100 on 30 November required to enter the standard monthly November Prize Savings Account draw.

In November, there will be £12,500 of prizes; 

• 1x Grand Prize of £10,000, and;
• 250x additional prizes of £10.

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