A fresh take on how you’re rewarded for saving with the chance to win big in a monthly prize draw.
Grand Prize of £10,000
Thousands of additional prizes (ranging from £10-£100)
Deposit and withdraw almost instantly
FSCS protection on deposits (subject to eligibility)
Please note
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 Prizes are not FSCS eligible until they have been withdrawn back to your linked account.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.
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.)
Here’s what you could win in the upcoming draw.
Grand Prize of £10,000
£5k Mr & Mrs Smith Gift Card
50 additional prizes of £100
100 additional prizes of £50
500 additional prizes of £25
3,750 additional prizes of £10
Please note
We total up all entries and our winners are picked at random using open-source software. See the terms and conditions for more information. Visit our terms.
At Chip we want you to have the financial freedom to enjoy the best experiences in life.
Which is why we built the Chip Prize Savings Account, to help you achieve amazing things and fast-track your major life goals by winning big prizes. Building wealth has never been so rewarding.
A Grand Prize of £10,000, followed by +4,400 additional prizes to win each month.
Withdraw when you need it with your money back with you almost immediately.
Eligible deposits into the Prize Savings Account are protected under the Financial Services Compensation Scheme up to £85,000.
We’re trusted by over half a million people building real wealth.
We want to be completely transparent on how likely it was that you'd win a prize in our prize draw and give you all the information you need.
odds of winning with every £10 entry.
odds of winning with £10,000 avg. balance.
average win rate with a £20,000 avg. balance.
average win rate with a £5,000 avg. balance.
Please note
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. If you have any questions reach out to our customer service team in app or email hello@getchip.uk
We’ve partnered with Mr & Mrs Smith, the boutique travel club for hotel lovers and one of the leading brands for luxury accommodation and unique stays around the world.
You can win a £5,000 Gift Card towards your dream trip in this months Prize Savings Account draw.
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.
Here’s how you get started with Chip for your chance to win big.
Chip does not provide tax advice. Tax treatment depends on individual circumstances and may be subject to change in the future.
Get started in minutes and be in with a chance of winning.
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
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.
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.
There will be 1 (one) grand prize of £10,000 (the "Grand Prize"). There will be 1 (one) Mr and Mrs Smith gift card with a value of £5,000. 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 3,750 prizes of £10 (collectively, the "Additional Prizes") per Competition (each, a "Prize").
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.
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.
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.
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.