Meet the Prize Savings Account.

Over £10K in prizes and withdrawals that are near instantaneous.

Deposit in our easy-access non-interest bearing savings account and be in with a chance to win over £10,000 in prizes each month. The more you deposit, the more entries you’ll have.

FSCS protection up to £85,000 for eligible balances. Instant withdrawals. The great automatic saving features you expect from Chip.

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How it works

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Every £10 gets you 1 entry to win, provided you have at least £100 deposited at the end of the month.*


Each month we randomly select winners from all eligible entries.


If you win, you will be able to access your winnings when you withdraw all saved funds from your account (as at the end of the relevant Qualifying Period).

* T&Cs, eligibility criteria and minimum balances apply. For current prize values, entry and eligibility criteria and how to opt-out see our full terms.

ClearBank is solely responsible for the provision of the account and has no liability in relation to the prize draw. Chip is entirely responsible for the running and delivery of the prize draw.

Plus 250 smaller prizes of £10.

Over £10,000 worth of prizes each month.

One big Grand Prize awarded each month of £10,000. On top of the £10,000 Grand Prize, there’ll be 250 smaller prizes of £10.

Yes, you can win more than once.

Covered by FSCS.

Powered by ClearBank.

Brought to you by Chip.

It’s free to enter. Every £10 deposit = 1 entry.

The more you deposit, the more entries you have.

You’re in a free prize draw each month, but instead of buying tickets to enter, every £10 you deposit and hold in the account gets you one entry (but you need to keep a minimum balance of £100 in the account to be entered in the draw at the end of each month).

For example, deposit £1,000, have that in your account at the end of the month, and you have 100 entries in the draw.

If you win, we’ll reflect the prize as a “prize”; in your app.

When you withdraw your full balance from the Prize Savings Account the prize will become cash as you withdraw it (see “What is Prize money?” in the FAQs for more).

Covered by FSCS. Powered by ClearBank. Brought to you by Chip.

Exciting prizes. Sensible protection.

All money you deposit in the Prize Savings Account is held by the UK authorised bank ClearBank, and is eligible for the Financial Services Compensation Scheme (FSCS) up to £85,000**.

The account is easy-access so you can withdraw at any time, and withdrawals will land back in your bank almost instantly.

**Note both you and your money need to be eligible to qualify for FSCS. You are only covered for up to £85,000 per bank, not per account with that bank. Find out more here


At Chip we are on a mission to build wealth for our generation. Introducing our new Prize Savings Account where you can win big by simply saving regularly and keeping your funds in Chip. 

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.

Initially we’re starting with one Grand Prize of £10,000 and 250 smaller prizes of £10 (you can win more than once).

What chance do I have of winning?

Unless you opt out, the more you deposit the more entries you will have in the prize draw each month. There will be one large prize of £10,000, and 250 smaller prizes of £10.

Can I win more than one prize each month?

Yes you can!

Do any winnings count towards future entries?

Prizes that are shown are not counted towards entries in the prize draw. See “How are the prizes awarded if you win? / What is prize money?” for more.

What is Prize money?

Prizes are added to your Prize Savings Account as a “prize” and shown in the app as “prize”.

Prizes are not cash until withdrawn, and is not the same as money you have deposited and is not covered by the Financial Services Compensation Scheme (FSCS). This is money Chip will pay you when you withdraw from your account all the cash you’ve deposited into it over time.

Whilst you’ll be able to see prizes as part of your balance, it is always the last money to be withdrawn from the account, it is only accessed after you withdraw all the money from your account and will not be counted towards entries in the prize draw.

For example: If you have a £5000 balance in your Prize Savings account and you win the Grand Prize of £10,000 in a month, the £10,000 Grand Prize will technically be shown as a prize and not cash. It will not be covered by FSCS and can be accessed only when the original £5000 is  withdrawn - resulting in  a full £15,000 withdrawal. Also, please note that prize money does not instantly land back in your bank account; it will reach your bank account the next working day after making a withdrawal

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.

What are the eligibility requirements?

You need to be over 18, a UK resident and need to pay tax solely in the UK to be eligible for the Prize Savings Account.

All you need to do is provide some details, pass an identity check with Chip and ClearBank and you’re good to go, in most cases this will take a couple of minutes. If not, we may ask for additional documentation to confirm your identity.

Please note: As with all Chip products, we cannot accept applicants resident in the Channel Islands, Isle of Man or the US.

How do I withdraw money?

You can withdraw cleared funds in the Savings tab which you'll see along the bottom of the app - select your Prize Savings Account and then on the next screen tap the ‘Withdraw’ button below your balance and confirm the amount.

Please note: You will not be able to withdraw money that is processing from your bank to Chip. Please allow funds to clear before withdrawing (usually 3 working days)

Where do withdrawals go?

Withdrawals will be processed to the current account you have connected to Chip. You can see this on the profile tab in the app.

Will I be paid interest?

The account won’t pay any interest. Your balance counts towards entries in the prize draw.

Can I get a monthly statement for this account?

Yes you can, just go to the Profile tab then select “Account statements”.

Can I move money from this account to other Chip products?

Yes. You can use your funds in this account to transfer into an active investment fund if you have this product open with Chip.  But note that to be in the prize draw you need a balance of at least £100.

Who are ClearBank?

Founded in 2014, ClearBank is a purpose-built, technology-enabled clearing bank. Through its full UK banking licence and intelligent, robust technology solutions, ClearBank enables its partners to offer real-time payment and innovative banking services to their customers.

They have won multiple industry awards and accolades including, the “Deloitte UK Technology Fast 50” in 2021 (a ranking of the 50 fastest-growing technology companies in the UK) and “Pioneer of the Year” at the British Banking Awards in 2020.

Where can I find legal information for ClearBank?

ClearBank Ltd are authorised by the Prudential Regulation Authority and regulated by theFinancial Conduct Authority and the Prudential Regulation Authority (Financial Services Register number: 754568). Registered Address: ClearBank, 4th Floor, Prologue Works, 25 Marsh St, Bristol, BS1 4AX.

You can view their privacy notice here. ClearBank legal information can be found here.

Can I close the account?

The Prize Savings Account, previously known as the ‘Chip Savings Account’ in the app, is opened for everyone who signs up to Chip and you won’t be able to close this account and keep other Chip accounts or products open. This account is open for you regardless of whether you have ever held a balance.  If you elect to close all of your other Chip accounts entirely, this account will be closed alongside.

How do you enter to win prizes?

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

For example, if you have a 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 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.

The number of entries you get depends on your balance in the account, with every full £10 deposited counting as one entry, e.g. if you had a £1,000 balance at 11:59pm on the last day of the calendar month you’d have 100 entries in the draw (if you choose to opt out of the draw, you’ll have 0 entries, regardless of your balance).

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 a £1,000 balance in the account on 30 September at 11:59pm, you would have 100 entries in a prize draw that takes place in the first 5 working days of October.

How is the prize awarded if you win?

Should you win a prize, we will first inform you via email.

We will reflect your prize in your Prize Savings Account within 7 working 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.

Do you pay tax on the prizes?

Prizes are not taxable!

But please note individual tax treatment depends on individual circumstances and may be subject to change. Chip does not provide tax advice.

Is the account free to use?

Yes. While it is a condition of entry that you need to deposit at least £100 to be eligible, there are no fees or charges associated with using this account and entry to our prize draws are completely free.

How do I deposit money?

Just head over to the ‘Savings tab’, select your Prize Savings Account, then tap deposit and enter how much you want to add to your balance and choose your method of adding money.

How long do deposits take?

Deposits from your debit card or Apple/Google Pay usually will take 3 working days to clear. The ability to make instant deposits by bank transfer will be available later in the year. Your entry is counted from the time you make a deposit, not when funds have finished processing. E.g. a deposit made on September 30th would count in the September prize draw, even if the money did not hit your account until October.

Are there any penalties for withdrawing?

There are no penalties for withdrawing and this is an easy-access account where you can withdraw your money whenever you like.

However, remember that the number of entries you have in the prize draw is based on your account balance on 11:59pm on the last day of the calendar month (you get one entry for every full £10 you hold in the account, and need a balance of at least £100 to be entered).

How long do withdrawals take?

Your money should be with you within a few seconds when you withdraw, but can sometimes take up to two hours.

Where will my money be stored?

Any funds that you deposit will be processed into Chip then stored in your own personal FSCS eligible ClearBank account.

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.

What is the minimum manual deposit into this account?

The minimum amount you can deposit is £1, but note that to be in the prize draw you need a balance of at least £100 and every full £10 counts as one entry at the end of the qualifying period.

What is the Financial Services Compensation Scheme and are my prize winnings covered by the Financial Services Compensation Scheme?

All our savings accounts are covered by the UK’s Financial Services Compensation Scheme (FSCS) meaning any eligible deposits will be protected of up to £85,000.. To find out more and to check your eligibility please visit

When you instruct us to deposit your money into any of our savings accounts, it is briefly held separately by Chip before we send it to your account of choice. When your money is held for these purposes, it is not protected under the FSCS scheme, but it is safeguarded. For full details of what this means please see our blog.

How do I make a complaint?

We recognise that things can go wrong. We want to learn from our mistakes and improve your experience whenever possible. If you want to raise a complaint with us, you can do this either through email (at, by post, or using Chip's live-chat (this can be found under the profile tab in the app).

Our postal address is: Chip Financial Ltd., 7 Bell Yard, London, WC2A 2JR.

You can find more details about our complaints process here:


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