Before we get into the detail of how average balance works, the important things to take away are:
The earlier you deposit in the month the more entries you get.
In the month after you deposit, every £10 of your balance = one entry in the draw (provided you don’t withdraw).
Use the calculator to see how many entries you’ll get.
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, your 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.
We understand that this might sound complicated, but we designed the account to operate in this way to make it fairer for everyone i.e. it makes sure that big lump-sum deposits right at the end of the month don’t give anyone an unintended advantage. The average balance mechanism is designed to benefit consistent contributions over time, not just timing.
Need further help?
If you have any further questions, get in touch with our support team using the in-app chat (this can be found in the Contact us section on the Profile tab) or by email at hello@getchip.uk for further help.