Chip prize draw account

saveroony

Anyone got the chip prize draw account is it worth it I’m used to having all my money making money in accounts with interest so wondered what people’s views are on it 😊

flaneurs_lobster

I have the minimum (£100) in the Chip prize draw account. 

Is it worth it? If I win a prize, yes. Otherwise, no. 

masonic

Pays out significantly less than Premium Bonds (which themselves aren't market leading on average vs interest), so not worth having IMHO.

baser999

I’m in for the minimum £100 like the other responder. Loss of interest on that is minimal and as they say ‘gotta be in it to win it’ 

saveroony

Thanks think I’ll give it a go 😊

LightKnow

Is the win rate % similar to premium bonds ?  Was thinking if I put 1000 into this or stick with my bonds 

eskbanker

LightKnow said:

Is the win rate % similar to premium bonds ?  Was thinking if I put 1000 into this or stick with my bonds 

This was discussed at length on another thread, the short answer being that a genuinely like-for-like comparison favours PBs, contrary to the impression that Chip try to create:

https://forums.moneysavingexpert.com/discussion/6422991/getchip-false-advertising/p1

LightKnow

eskbanker said:

LightKnow said:

Is the win rate % similar to premium bonds ?  Was thinking if I put 1000 into this or stick with my bonds 

This was discussed at length on another thread, the short answer being that a genuinely like-for-like comparison favours PBs, contrary to the impression that Chip try to create:

https://forums.moneysavingexpert.com/discussion/6422991/getchip-false-advertising/p1

Interesting, Thank you for link as well 

Deru

I started with chip a 2 weeks ago mainly for the Instant access savings which has now been up'ed to 371% AER.

Then I discovered the Prize Savings Accounts.  Can anyone please explain how the entries work?  Seems it's now refreshed for the month and I have 0 entries again (I figured it would just accumlate from last month's balance!).  

I know... you need a min. of £100 to be eligible, £10 = 1 entry.  Last week, the entries have been gradualy going up.  Something like 5 or 6 a day even though I was putting in lump sums.  If it goes up so slowly, how are you ever going to have any significant number of entries despite having a nice balance?  

Premium Bonds get entered after 1x full calendar month. This one, I have no idea and I've looked around their FAQs to no avail. 

I currently have £1100 in Chip

flaneurs_lobster

Deru said:

Then I discovered the Prize Savings Accounts.  Can anyone please explain how the entries work?  Seems it's now refreshed for the month and I have 0 entries again (I figured it would just accumlate from last month's balance!).  

Each month is a clean sheet for calculating entries into the draw. 

From the Prize Savings FAQ

You need an average balance of at least £100 throughout the month to enter. 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).

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, the 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.

It's also detailed in the T&C https://www.getchip.uk/legal/prize-savings-account-terms

eskbanker

Deru said:

I started with chip a 2 weeks ago mainly for the Instant access savings which has now been up'ed to 371% AER.

Sounds pretty generous, even without winning anything in the draw....