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Meet Chip's New Prize Savings Account, With £10,000 A Month Up For Grabs!



#Ad Investment and savings app Chip has introduced a new savings account, which, unlike many similar savings apps, gives its customers the chance to win a Grand Prize of £10,000, as well as 250 smaller prizes of £10 every month!


Rivalling the NS&I Premium Bonds method of giving its savers the opportunity to win prizes instead of receiving interest, this newly launched savings account offers you the chance to win, with just a minimum balance of £100 being in your account!


You’ll get entries in the draw simply by holding money in the account at the end of the month. You'll be given 10 prize draw entries for your first £100 saved and then an additional one prize draw entry for each £10 you have in your account. The more you deposit, the more entries you have, up to a maximum of 8,500 entries per customer.


Anyone looking to sign up for their free savings account can sign up HERE and grab a bonus of 50 entries into the next draw, when you deposit £500 or more, courtesy of Chip & The Penny Pincher, make sure you use promo code PENNY50

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 Chip's partner bank, ClearBank. Eligible funds held in this account are protected by the Financial Services Compensation Scheme (FSCS) subject to the Scheme’s conditions*

The account features 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 250 smaller prizes of £10 (You can win more than once per prize draw)

● Free to enter; you just need to hold a balance of at least £100 to be in the draw every month.

● Once you have £100 in your account, you will have 10 entries and every extra £10 = 1 entry. The more you deposit, the more entries you have. However, if you withdraw funds from the account before the end of a Qualifying Period for a Competition, the number of your entries will be adjusted accordingly.

● FSCS protected up to £85,000 subject to the Scheme’s conditions.

● Deposit up to a maximum of £85,000

With NS&I Premium Bonds withdrawals sometimes take 6 days... Chip's are usually almost instantaneous.


● Deposit from £1 (but you need to hold a balance of at least £100 to be in the draw)

● Easy access (withdraw anytime) with near instant withdrawals.

● You can save into this account using our savings tools

● When Prizes are awarded, they will be visible in your app, but Prizes 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



What do Chip have to say about their new savings account? A statement by the banking service stated, "we saw an opportunity to create a prize savings account with an amazing user experience. Withdrawals in a few seconds, deposits in a few taps and prizes monitored and tracked with ease." "NS&I’s Premium Bonds are the UK’s biggest savings product; 21 million of us have £118 billion in them. NS&I Premium Bonds are a savings account you can put money into (and take out when you want), where the interest paid is decided by a monthly prize draw. However, withdrawals sometimes take up to 6 days, and in December 2021, NS&I received 4,187 customer complaints that month. What’s more, in late 2021, there was a whopping £74,452,325 in unclaimed prizes." "We think when it comes to customer experience, there’s a lot of room for improvement. We think our new ‘Prize Savings Account’ is just what you need." Anyone looking to sign up for their free savings account can sign up HERE and grab a bonus of 50 entries into the next draw, when you deposit £500 or more, courtesy of Chip & The Penny Pincher, make sure you use promo code PENNY50

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 potential higher returns. So, we wanted to offer something for those people that was 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 near instant withdrawals, makes the Prize Savings Account ideal for our customers who want to keep their money somewhere safe and easily accessible. But you also get the chance to win 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.

"We want to reward users, but whilst it’s free to enter, you need to deposit to do so, but that is your money, and you can withdraw it at any time. The more you deposit, the more entries you’ll have. Every £10 = one entry. But you do need to hold at least £100 in the account to be entered in the draw."



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. Chip will hold the draw in the first week of the next calendar month. Initially, Chip is starting with one big Grand Prize of £10,000 and 250 smaller prizes of £10. They'll look to increase the value and amount of the smaller prizes in the future. Entries will be counted and included in the draw at the end of a calendar month, and the draw will occur in the first week of the following month (no later than 5 working days after the end of a calendar month). For example, if you have a £1,000 balance in the Prize Savings Account on 30th September 2022, you will have 100 entries in the prize draw that takes place between 31st October 2022. The winners are picked using randomisation functionality through open-source software based on the number of entries that month.


It's a fun new way for savers to be able to turn their savings into an opportunity to win prizes, granted the account holder won't earn interest on their savings, but these days with bills and other expenditures at record levels, and therefore many people having less money available to save, the smaller savers are likely to see very little interest return on their savings, (unless they are lucky enough to have a larger bank balance), and so the opportunity to turn as a little as £100 into £10,000 is well worth giving a whirl, without the time complications and lack of fast money withdrawal which is the downside to Premium Bonds, and the outlay and potential loss of spending your hard earned money on lottery scratch cards or Lotto tickets!


Your money is safe, you can withdraw it when you need to, and you could be quids in; what have you got to lose?


Anyone looking to sign up for their free savings account can sign up HERE and grab a bonus of 50 entries into the next draw, when you deposit £500 or more, courtesy of Chip & The Penny Pincher, make sure you use promo code PENNY50


*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.


#AD This advertorial is sponsored by Chip Banking.


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