Chip prize savings account

Gazelle1985

I've had £200 (I put in £150 at the beginning of the month) in my Chip prize savings account for the whole of May (so presumably meet the average of £100 across the month) but don't seem to have any 'entries'. I'm sure in April I could see how many entries I had but now nothing. Am I missing something?

fly-catchers

How long has this account been running? Any winners on this forum so far? I put in £150 at the start of last month. Doesn’t look as if I have won anything but not really surprised. Using it more as a punt.

boingy

I was briefly interested but I don't think they have ever published the prize rates or any sort of equivalent interest rates based on average luck so I figure it must be quite unrewarding! Has anyone one here ever won anything?

PixelPound

No they list the set number of prizes, which surely means the more people in the less likely it is to win. Also as stated in https://forums.moneysavingexpert.com/discussion/6422991/getchip-false-advertising/p1 they are comparing the odds of their £10 ticket to a £1 premium bond.

As their smallest prize is £10 vs £25 in PB it might appeal at first glance to those with say £1000 to put in, as clearly for anyone with £10,000+ PB's seem to be better odds. That said without further detail like AER interest or whether prize fund changes, does seem a very unknown gamble.

flaneurs_lobster

nic_c said:

That said without further detail like AER interest or whether prize fund changes, does seem a very unknown gamble.

It's not a gamble since you cannot lose your "stake". 

As @fly-catchers says, it's a punt, chuck a ton in there and forget about it. Or just ignore it.

PixelPound

flaneurs_lobster said:

nic_c said:

That said without further detail like AER interest or whether prize fund changes, does seem a very unknown gamble.

It's not a gamble since you cannot lose your "stake". 

As @fly-catchers says, it's a punt, chuck a ton in there and forget about it. Or just ignore it.

The interest is the gamble as effectively sacrificing the, now 4.26%, for the chance to win. 

boingy

A gamble, yes. And it would be nice to know the odds.

bundoran

flaneurs_lobster said:

nic_c said:

That said without further detail like AER interest or whether prize fund changes, does seem a very unknown gamble.

It's not a gamble since you cannot lose your "stake". 

As @fly-catchers says, it's a punt, chuck a ton in there and forget about it. Or just ignore it.

The amount of money you pay for your bonds isn't your "stake".

You are gambling with the interest you would have earned. It your share of the the interest, on the pooled money that has been paid by everyone to buy bonds, that is your stake: it is literally at stake. You are clearly at risk of losing your share of the stake each month, and will indeed have lost some or all of it every month when your prizes come out as less than what you would have earned at the published Prize Fund interest rate, or you win nothing at all.

The marketing that implies "you never lose your stake" is brilliant and it's amazing how many otherwise logical and rational people swallow it and repeat it.

And "punt" means gamble:

https://www.dictionary.com/browse/punt