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The Prize Savings Account
The Prize Savings Account

Everything you need to know about our new savings account.

James avatar
Written by James
Updated over a week ago

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).

We’ll run a monthly prize draw and, provided you have a monthly average balance of at least £100, you’ll get entries in the draw. The more you deposit and the longer you hold your balance, the more entries you'll have, up to a maximum of 8,500 entries per customer.

It’s free to deposit your money in your account and there are no charges for holding this account with us, or for entering the prize draw, and you can withdraw your money at any time, with your money arriving back in your current account usually almost instantaneously.

Under the bonnet, it’s a non-interest-bearing savings account provided by our partner bank, ClearBank. Eligible funds held in this account are protected by the Financial Services Compensation Scheme (FSCS) subject to the Scheme’s conditions

For the avoidance of doubt, ClearBank is solely responsible for the provision of the account and has no liability in relation to the prize draw. The prize draw is the sole responsibility of Chip.

At a glance…

  • A non-traditional savings account with a monthly prize draw instead of interest.

  • Over £10,000 of prizes awarded every month until further notice.

  • One Grand Prize of £10,000 every month, plus plenty of smaller prizes of £100, £25 and £10.

  • Free to enter, you just need to hold an average balance of at least £100 over the course of the qualifying period. If you have this, you'll receive 1 entry for every £10 of your average balance.

  • You can withdraw at any time, but doing so will impact your average balance, and thus, your number of entries into the draw.

  • FSCS protected up to £85,000 subject to the scheme’s conditions.

  • Deposit up to a maximum of £85,000.

  • Deposit from £1.

  • Easy access (withdraw anytime) with near-instant withdrawals.

  • You can save into this account using our savings tools (autosaves and recurring saves).

  • When Prizes are awarded they will be visible in your app in the Prize Savings Account.

  • Prizes and bonuses do not count towards entries in future Competitions, are not covered by FSCS, and are only accessible as cash once all your other cash is withdrawn from the Prize Savings Account.

Exciting prizes. Sensible protections.

FSCS cover. Instant withdrawals. £10,000+ of prizes to win each month.

We know that not everyone is comfortable with the risk of investing to get potentially higher returns. So, we wanted to offer something for those people that's more exciting than a conventional savings account.

The Prize Savings Account offers the safety of a savings account provided by a UK-authorised bank (our trusted partner bank ClearBank) with eligible balances covered by the Financial Services Compensation Scheme (FSCS), up to a value of £85,000. This, combined with easy access and near-instant withdrawals makes the Prize Savings Account ideal for our customers who want to keep their money somewhere safe and easily accessible. You also get the chance to win a share of over £10,000 of prizes each month, which is both rewarding and, well, it’s exciting.

The more you deposit, the more entries you have...

Rewarding savers.

You’re in a free prize draw each month, but instead of buying tickets to enter, your entries are determined by your average balance.

The average balance you have at 11:59 p.m. on the last day of the calendar month is what determines your number of entries, with every £10 of that number counting as an entry. Your average balance must be at least £100 to be entered into the draw. For example, if your average balance at the end of the qualifying period was £100, you'd have 10 entries. Anything below £100 would mean no entries for that month.

Your average balance is calculated by dividing your daily balance by the number of days in the month. So, 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, getting 1,000 entries. 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.

Please note that entries are only calculated on your deposited balance. Bonuses and prizes do not count toward your balance when it comes to calculating your number of entries.

How the prizes work.

A chance to win each month for the lifespan of the draw.

Each draw closes at the end of a calendar month. We’ll hold the draw in the first week of the next calendar month.

Entries will be calculated and included in the draw at the end of the calendar month, and the draw will take place in the first week of the following month (no later than 5 working days after the end of a calendar month).

The winners are picked using randomisation functionality through open-source software based on the number of entries that month.

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