Our new Prize Savings Account is an easy access non-interest-bearing account, giving eligible account holders the chance to win a share of £75,000 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.

In July, there was 1 prize of £50,000 and 500 additional prizes of £10, and 4,000 additional prizes of £5 (collectively, the "Additional Prizes") per Competition (each, a "Prize").

In August, there will be 1 prize of £10,000 and 2,500 additional prizes of £10, and 8,000 additional prizes of £5 (collectively, the "Additional Prizes") per Competition (each, a "Prize").

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.