Terms & conditions for our £20k GiveAway


£20k GiveAway Terms & Conditions

Chip is running a prize draw during the first two months of 2022, called the £20k GiveAway.

For a limited time, Chip is giving new and existing customers the chance for one person to win £20,000. The prize draw will be open to entries from 00:00 Wednesday 1st January 2022 until 23:59 19th February 2022.

To be eligible for this competition you must enter your email address into the email capture form on one of the competition web pages between 00:00 on 01/01/2022 and 23:59 on 19/02/2022. We can only accept one email submission per individual.

Please note these T&Cs were updated to include conditions covering "returning/dormant users" on 05/01/22.

New customer additional entry points

If you do not have an open Chip account, you get ONE (1) entry to our prize draw by entering your email into the form for new Chip customers.

After you have entered, you can gain extra entries by:
• Signing up to Chip and making a deposit of at least £1 +50 extra entries
• Turning on Payday Put Away +10 extra entries
• Creating a goal +10 extra entries
• Having Auto-Saving turned on +10 extra entries
• Referring a friend to Chip* +50 extra entries per successful referral

Returning/dormant customer additional entry points

If you have an open Chip account, but a balance of £0 across all savings & investment accounts in Chip†, you get ONE (1) entry to our prize draw by entering your email into the form for returning Chip customers.

After you have entered, you can gain extra entries by:
• Making a deposit of at least £1 into any account in Chip† +50 extra entries
• Turning on Payday Put Away +10 extra entries
• Creating a goal +10 extra entries
• Having Auto-Saving turned on +10 extra entries
• Referring a friend to Chip* +50 extra entries per successful referral

†A returning/dormant customer is defined as someone who opened a Chip account and either never deposited, or has withdrawn their entire balance prior to being contacted by us. Note the extra entries for depositing £1 can only be earned once per returning/dormant customer, i.e. if you make a deposit, and then withdraw all your money and deposit again, you still only get 50 entries. See "Note on extra entry points" below.

Existing customer additional entry points

If you have an open Chip account with a balance greater than £1, you get ONE (1) entry to our prize draw by entering your email into the form for existing Chip customers.

After you have entered, you can gain extra entries by:

• Referring a friend to Chip* +50 extra entries per successful referral
• Turning on Payday Put Away +10 extra entries
• Creating a goal +10 extra entries
• Having Auto-Saving turned on +10 extra entries

*Your friend also gets 50 entries once they sign up to Chip and deposit at least £1. This is in addition to the usual £10 each you receive for successful referrals.

Note on extra entry points:

Other than referring a friend, these extra entry points can only be earned once per customer. For example, if you turn our Payday Put Away feature on and off 10 times, you’ll get 10 entries, not 100. However, if you successfully refer 2 friends you will get 100 entries.

As an existing customer, if you already use Chip’s Payday Put Away, Goals and Auto-Saving features, you’ll automatically get these extra entry points.

How will the winner be chosen?

• The prize draw will close on 19 February 2022.
• ONE (1) winner will be selected using a randomiser, shortly after 19 February 2022 (no later than 26 February 2022).
• The winner will be notified by an email sent to the email address associated with the winning Chip account.
• The £20,000 bonus will be deposited into the winner’s Chip Savings account after we successfully contact the winner and confirm their details.
• If the winner does not have an open Chip Savings account, they will need to open one to receive their winnings. If they do not open a Chip Savings account after being contacted, or are not eligible to open one, we reserve the right to choose another winner.

Disclaimer

The prize is awarded and entries counted at Chip’s sole discretion. Despite any terms to the contrary on our website or elsewhere, if we believe you have violated our terms of use or exceeded fair usage, we may withhold payment of the prize or disqualify entry points.

Who are Chip?

Chip is authorised by the Financial Conduct Authority under the Payment Service Regulations 2017, firm reference number no. 911255, for the provision of payment services.