Chip, the saving and investing app on a mission to build wealth for our generation, has launched the Prize Savings Account - the first fintech to offer a savings account of this kind. The new easy-access account will give users the chance to win one Grand Prize of £10,000 as well as 250 smaller prizes of £10, each month.

Chip, which has saved over £1 billion for its users,  will run a monthly prize draw and, provided users have at least £100 in their account, they will get entries by simply holding money in the account at the end of the month. The minimum deposit into the account is £1 and the maximum amount is £85,000, with every £10 deposited counting as one entry per month, so the more you deposit the more entries you have, up to a maximum of 8,500 entries per customer. Users can also withdraw anytime with funds arriving in seconds (in rare cases can take up to 2 hours). Full terms and conditions and eligibility criteria can be found at https://getchip.uk/legal/prize-savings-account-terms.

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. This combined with easy-access instant withdrawals makes the Prize Savings Account a great fit for customers who want to keep their money somewhere safe and easily accessible.

The new account also works with Chip’s Savings Plans, meaning that users can enable both the award-winning auto-saves feature as well as the recently unveiled Recurring Saves to automatically deposit into the Prize Savings Account, as well as all of the other saving and investment accounts. This allows users to build bespoke savings plans tailored to their needs and preferences.

Chip’s CEO and Founder, Simon Rabin, commented: “At Chip we are on a mission to build wealth for our generation. This entails giving our users a variety of tools and accounts to do that, in a way that suits them best.”

“It’s time for a more premium… Premium Bond”, Simon continued, “we saw an opportunity to create prize savings account with an amazing user experience. ”

“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."

“We pride ourselves on offering products built with users in mind with simple and clean UX, and award-winning customer support. We know that not everyone is comfortable with the risk of investing to get potentially higher returns. So we wanted to offer something for these people that was more exciting than a conventional savings account.”