Chip prize draw account

Deru

https://forums.moneysavingexpert.com/discussion/comment/80026201#Comment_80026201

Thanks. I didn't find the bit about the averaging.

https://forums.moneysavingexpert.com/discussion/comment/80026740#Comment_80026740

Missed the decimal! 🤣

Anyone here ever won anything?

GPK10

I won £25 today, which for a balance of £150 in the prize account is very pleasing

Band7

https://forums.moneysavingexpert.com/discussion/comment/80028162#Comment_80028162

Getting ever closer to that 371% AER 😂

Congratulations 🍀🥂

Deru

Bump.  Okay so, had it since May with £1000-1500.  Won zilch.  

Been winning every month with Premium Bonds albeit, my balance is substantially larger but not maxed.  

Anyone had more luck with Chip?  How much do you have in the account?  I am now tempted to just leave £100 in and move the rest to PFs

masonic

Why not leave £0 in the Prize Saver account? That would likely give you the best outcome.

EthicsGradient

I signed up with Chip to include a bonus, for keeping a minimum balance in the Instant Access account for about 6 months. That was finished yesterday, 1st Nov, and they have, for some reason, put the bonus in a Prize Draw account that I had not previously used. At £40, it's too small to get entered in their draw, anyway. But when I got to "transfer", it says, even today, that the balance in the Prize Draw account is zero, so there's no transfer I can make to the IA account.

It seems odd that their own bonus payment can't even clear overnight in their own accounts. Has anyone had any problems with transferring money out of the Prize Draw account?

flaneurs_lobster

EthicsGradient said:

It seems odd that their own bonus payment can't even clear overnight in their own accounts. Has anyone had any problems with transferring money out of the Prize Draw account?

Seem to remember that anything that Chip designates as "bonus" cannot be transferred away until the instant access accounts have been emptied first. Used to be the same when they paid "bonus" rather than interest. 

EthicsGradient

flaneurs_lobster said:

EthicsGradient said:

It seems odd that their own bonus payment can't even clear overnight in their own accounts. Has anyone had any problems with transferring money out of the Prize Draw account?

Seem to remember that anything that Chip designates as "bonus" cannot be transferred away until the instant access accounts have been emptied first. Used to be the same when they paid "bonus" rather than interest. 

Jeez, you're right - I'd missed this in the T&Cs:

7.1 From time to time, users may be eligible to receive a bonus payment from Chip (“Bonus”) to reward some behaviours. A Bonus is not interest and there is no contractual or statutory right to interest on funds held in anySavings Account. Your Chip Bonus is not FSCS protected, bonus does not accrue on bonus i.e. it does not compound, and, subject to clause 7.2 below, bonus is only paid to you by Chip when you withdraw your full Chip balance.

Seems like an incentive to close a Chip account as quickly as possible. So I've withdrawn the Instant Access balance, which went OK, but the Chip app has got stuck in a loop where it asks me again "how much do you want to withdraw? Available balance £0.00", and the only button available is a back button which just displays the same screen again. Sigh. A forced stop from 'Settings' has reset that, and although the "transfer" screen was still saying "£0.00 available to transfer from Prize Draw", it did allow me to withdraw the £40.00 to my current account directly. Now I just have to wait for the monthly interest to withdraw that too ...

Deru

masonic said:

Why not leave £0 in the Prize Saver account? That would likely give you the best outcome.

As that’s the minimum.  You have to be in it to win it, as they say.  

i got another £50 prize from PBs this month

masonic

Deru said:

masonic said:

Why not leave £0 in the Prize Saver account? That would likely give you the best outcome.

As that’s the minimum.  You have to be in it to win it, as they say.  

Well I'm winning by being out of it. About 6% AER.