Enter the £500K draw
To enter, scan the QR code to download the app.
or get a download link via email.
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To enter, scan the QR code to download the app.
or get a download link via email.
This December, for the Prize Savings Account monthly draw, we’re giving away £500,000 of tax-free prizes, and one lucky winner will take home the Grand Prize of £250,000.
Yes it is, we’ve been running the Prize Savings Account since 2022, this is just a special edition to celebrate the £500,000 prize pool. It’s the most we’ve ever given away; a truly life-changing sum of money.
In December there will be £500,000 of prizes;
All prizes are tax free sums of ‘bonus money’ we pay directly to your Prize Savings Account. Chip does not provide tax advice, and tax treatment depends on individual circumstances and may be subject to change in the future.
Each month you will be entered into the prize draw provided you have an average balance of £100 or above in the Prize Savings Account. This gains you 10 entries.
Every full £10 of average balance over £100 = one entry.
The average balance you have on 11:59pm on the last day of the calendar month is what gets counted as your entries.
For the December draw (from 1 December) we are changing the minimum average balance requirement to £10.
Before we get into the detail of how average balance works, the important things to take away are:
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.
The draw will take place within five working days after entries close (the first five working days of the following month). Winners are selected using randomised draw software.
The Grand Prize winner will be paid within 5 working days of them accepting the prize, and we aim to pay ‘additional prize’ winners within the same timeframe, but it’s normally much quicker.
See our Prize Savings Account webpage where you can find more information about the account, a comprehensive FAQ and full terms and conditions.
