What is the Prize Savings Account?
*Chip does not provide tax advice. Tax treatment depends on individual circumstances and may be subject to change in the future.
What is the Prize Savings Account?
Our Prize Savings Account is an instant access savings account, where instead of earning interest, your cash deposits give you entries into a monthly draw to win tax-free1 prizes paid directly into your account.
Is it free to enter?
Yes! Entries are completely free of charge, all you need to do to enter is deposit and hold an average balance of at least £100 at the end of the month.
Note - from 1 December 2025 onwards you will only need to hold a minimum average balance of £10.
Every £10 of average balance gives you one entry in the monthly draw.
But to be clear; entries don’t cost you anything, and any money that you deposit can be instantly withdrawn whenever you want (but note that you will lose entries in the monthly draw).
Is it a normal instant access savings account?
The Prize Savings Account is an instant access savings account with instant deposits and withdrawals.
It is powered by our partner bank ClearBank, and all deposits are ultimately held by them and covered by the Financial Services Compensation Scheme (FSCS) up to £85,000 (see our ‘how we protect your money’ webpage to learn more about FSCS at Chip).
The only difference between the Prize Savings Account and any other savings account is that instead of earning interest, you will have a chance to win tax-free1 prizes.
How much can I save?
The maximum amount of cash you can save into the Prize Savings Account is £85,000. Any prizes won are paid as ‘bonus’ and are paid directly into your Prize Savings Account, and don’t count towards the £85,000 balance limit.
It is not possible to deposit more than this amount, or to open multiple accounts in order to do so. Any attempt by an individual to open multiple accounts would result in a breach of the Prize Savings Account terms and conditions.
What are the prizes?
All prizes are tax-free1 sums of ‘bonus money’ we pay directly to your Prize Savings Account.
The prize amounts can change each month and we’ll publish next month’s prizes on this site no later than five calendar days before the start of the next draw.
We commit to always paying at least one Grand Prize of £10,000 and 250 ‘additional prizes’ of £10. Though, generally we pay much more than this!
In October, there will be £75,000 of prizes;
- 1x Grand Prize of £10,000;
- 2,500x additional prizes of £10, and;
- 8,000x additional prizes of £5.
In November, there will be £12,500 of prizes;
- 1x Grand Prize of £10,000, and;
- 250x additional prizes of £10.
But, in December there will be £500,000 of prizes;
- 1x Grand Prize of £250,000;
- 100x additional prizes of £1,000;
- 5,000x additional prizes of £10;
- 20,000x additional prizes of £5.
What’re the odds of winning?
We can’t be exact with the odds of the next draw, as it depends on how many people enter and how many prizes are awarded. But we can share past odds. Please also note that you can win more than one prize per draw.
The odds of winning per entry (per £10 deposit) in the September 2025 draw were:
- 1 in 623 to win any prize
The average odds of winning per entry (per £10 deposit) in all 2025 draws were:
- 1 in 964 to win any prize
Data is based on January - September 2025.
Are prizes tax free?
All prizes are tax-free sums of ‘bonus money’ we pay directly to your Prize Savings Account.
But note that Chip does not provide tax advice, and tax treatment depends on individual circumstances and may be subject to change in the future.
Can I win more than one Prize?
Yes you can. You can win multiple tax-free prizes in the draw.
When are the prizes paid?
If you win an ‘additional prize’, it will be added to your Prize Savings Account within five working days after the start of the month (but we aim to do this as close to the 1st of the month as we can).
If you win the Grand Prize, we will contact you before it is paid (see below).
What happens when you win the Grand Prize?
Grand Prize Winners need to confirm their win before the prize is paid.
We will contact you by email and call you. You’ll have seen the recordings of these calls on our social media accounts.
We will also ask you to take part in reasonable publicity, like being interviewed and filmed. We will obtain your express consent before filming and/or sharing any media.
Winners have 10 working days to respond to us and claim their prize (we reach out by email, push notification and phone, leaving voicemails and even SMS).
If we can’t reach the Grand Prize winner, the prize will be deemed forfeit and the amount will be added to the following month’s prizes (i.e. like a ‘rollover’).
For example, if a winner wins a Grand Prize of £10,000 in January but does not claim it, the Grand Prize available in February’s draw (for this example, also £10,000) would become the value of both January and February’s Grand Prizes combined (i.e £20,000).
Rest assured, we make every effort to contact the Grand Prize winner and we haven’t had a single Grand Prize unclaimed yet!
How are the prizes awarded?
Prizes are paid as a bonus, not cash, directly into your Prize Savings Account.
Please note, the prizes do not become cash until your full Prize Savings Account balance is withdrawn back to your current account, or if you transfer your balance to another account in Chip. Also note, when withdrawing prizes to your linked bank account, this can take up to five working days.
Prizes also do not count towards additional entries, unless you withdraw and redeposit. Prizes are not FSCS protected until they are withdrawn and redeposited.
How do you enter?
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 (and have not opted out).
Every full £10 of average balance = 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 example, if you have an average balance of £100 on 11:59pm on the last day of the calendar month you’d get 10 entries each calendar month (unless you opt out).
If your average balance drops below £100, and remains at that level at the end of the calendar month, you’d have 0 entries in that month’s prize draw (if you choose to opt out of the draw, you’ll have 0 entries, regardless of your balance).
Note – from 1 December 2025 we will change the minimum average balance requirement from £100 to £10.
How does average balance work?
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.
To make it easy to understand, we’ve made a calculator you can use to work out what your average balance is.
When are my entries counted?
Your entries will be taken at the end of the calendar month, but the draw will take place in the first week of the following month (no later than five working days after the end of the calendar month).
For example, if you have a £10,000 average balance in the account on 30 September at 11:59pm, you would have 1,000 entries in the September Prize Draw, but the draw itself would take place within the first five working days of October.
Your balance in the account would then automatically be entered into the next prize draw in October, which will then be drawn in November, and so on.
Where can I see my entries?
You can see your entries in your app, on the Savings tab under “Prize Savings Account”
Can I get extra entries?
You can occasionally earn extra entries through promotional offers. You might be able to double your entries, or earn entries for completing actions like referring a friend.
These are one-off promotions and will have their own eligibility and terms and conditions. Extra entries can count above the deposit cap of £85,000 (8,500 entries)
How and when are the winners picked?
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 (see above), and we aim to pay ‘additional prize’ winners within the same timeframe, but it’s normally much quicker.
Can I autosave into this account?
Yes, you can autosave directly into this account (Savings Plans settings can be found on the profile tab) and also deposit one-off amounts at any time by selecting the Prize Savings Account in the Savings tab and tapping ‘deposit’. Saves into this account also count toward your in-app savings goals that you can set up in the ‘Goals’ tab.
Is this gambling or a lottery? Can I lose money?
The Prize Savings Account is not a lottery or gambling and it’s completely free to enter. You can’t lose money. You are depositing money in a FSCS protected account for the chance to win prizes. You can withdraw for free at any time.
Can I open a Prize Saving Account for my child?
Unfortunately not, The Prize Savings Account is only available to the named individual who must be a UK resident over 18 years of age.
T&Cs, eligibility criteria and minimum balance applies. 1Chip does not provide tax advice. Tax treatment depends on individual circumstances and may be subject to change in the future.
