Chip, the saving and investing app on a mission to construct wealth for our technology, has launched the Prize Financial savings Account – the primary fintech to supply a financial savings account of this sort. The brand new easy-access account will give customers the possibility to win one Grand Prize of £10,000 in addition to 250 smaller prizes of £10, every month.
Chip, which has saved over £1 billion for its customers, will run a month-to-month prize draw and, supplied customers have not less than £100 of their account, they’ll get entries by merely holding cash within the account on the finish of the month. The minimal deposit into the account is £1 and the utmost quantity is £85,000, with each £10 deposited counting as one entry per thirty days, so the extra you deposit the extra entries you may have, as much as a most of 8,500 entries per buyer. Customers can even withdraw anytime with funds arriving in seconds (in uncommon instances can take as much as 2 hours). Full phrases and situations and eligibility standards may be discovered at https://getchip.uk/authorized/prize-savings-account-terms.
Below the bonnet, it’s a non-interest-bearing financial savings account supplied by Chip’s associate financial institution, ClearBank**. Eligible funds held on this account are protected by the Monetary Providers Compensation Scheme (FSCS) topic to the Scheme’s situations***. This mixed with easy-access on the spot withdrawals makes the Prize Financial savings Account an important match for purchasers who need to maintain their cash someplace protected and simply accessible.
The brand new account additionally works with Chip’s Financial savings Plans, that means that customers can allow each the award-winning auto-saves characteristic in addition to the just lately unveiled Recurring Saves to routinely deposit into the Prize Financial savings Account, in addition to all the different saving and funding accounts. This permits customers to construct bespoke financial savings plans tailor-made to their wants and preferences.
Chip’s CEO and Founder, Simon Rabin, commented: “At Chip we’re on a mission to construct wealth for our technology. This entails giving our customers a wide range of instruments and accounts to do this, in a approach that fits them finest.”
“It’s time for a extra premium… Premium Bond”, Simon continued, “we noticed a chance to create a prize financial savings account with an incredible person expertise. ”
“NS&I’s Premium Bonds are the UK’s largest financial savings product, 21 million of us have £118 billion in them. NS&I Premium Bonds are a financial savings account you’ll be able to put cash into (and take out once you need), the place the curiosity paid is determined by a month-to-month prize draw. Nonetheless, withdrawals generally take as much as 6 days, and in December 2021 NS&I obtained 4,187 buyer complaints that month. What’s extra, in late 2021 there was a whopping £74,452,325 in unclaimed prizes. We predict relating to buyer expertise, there’s numerous room for enchancment – we predict our new ‘Prize Financial savings Account’ is simply what you want.”
“We delight ourselves on providing merchandise constructed with customers in thoughts with easy and clear UX, and award-winning buyer help. We all know that not everyone seems to be snug with the danger of investing to get potential greater returns. So we needed to supply one thing for these those that was extra thrilling than a traditional financial savings account.”