Withdrawing bonus and prize funds
You'll see your bonus and prize funds added to your balance, but you won't be able to withdraw them unless you're withdrawing your entire balance from that savings account.
When you do a full withdrawal that includes a bonus or prize, it will arrive in your linked bank account as a separate transaction from your main funds.
While bonus and prize funds can take up to 5 working days to reach you, they usually arrive within 48 hours.
Are bonuses and prizes FSCS-protected?
It's important to remember that bonuses and prizes are not covered by the Financial Services Compensation Scheme (FSCS).
This is because they aren't the cash you've deposited. They're money Chip pays you when you withdraw all the cash you've put into that specific account. Your deposits themselves remain protected, but the bonus/prize portion is not. You can read more about how we protect your money here.
You can always check your transactions in the app to see when a bonus or prize has been added.
Key Things to Know
No internal transfers: Bonuses and prizes can't be transferred to another Chip savings account or investment product.
No compounding: Bonus funds do not compound. This means you won't earn interest on your bonus money like you would on your regular savings.
Prize Savings Account entries: Bonus and prize funds do not count towards your entries in the Prize Savings Account prize draw. Only the money you've deposited counts for entries.
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.