Chip, the saving and investing app on a mission to build wealth for our generation, has introduced the Prize Savings Account – the “first” Fintech to offer a savings account of this type.
The account will give users the opportunity to win a Grand Prize of £10,000 and also 250 smaller prizes of £10, every month.
Chip will also be running a monthly prize draw and, provided users have £100 (or more) in their account, they will get entries by holding funds 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 funds you deposit, the more entries you have, up to a maximum of 8,500 entries per client. Customers may also withdraw anytime with funds arriving within seconds (but sometimes could take around 2 hours).
The account also works with Chip’s Savings Plans, which means that users may enable both the auto-saves feature and Recurring Saves to automatically deposit into the Prize Savings Account, as well as all of the other saving and investment accounts. This enables clients to build “bespoke” savings plans tailored to their requirements and preferences.
Chip’s CEO and Founder, Simon Rabin, stated:
“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”. We saw an opportunity to create a prize savings account with an amazing user experience. ”
Rabin added:
“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.”
Rabin also mentioned:
“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 potential higher returns. So we wanted to offer something for these people that was more exciting than a conventional savings account.”