Over the last couple of weeks, we’ve been teasing a brand new savings account that’s been in the works. I’m delighted to announce that this will be launching early next week!
Chip’s brand new Prize Savings Account is a radical reimagining of premium bonds. Every month, we will pay over £10,000 in prizes. This includes a Grand Prize of over £10,000, as well as hundreds of smaller prizes starting from £10.
It’s an easy-access savings account, and the more a user deposits, the higher their chances of winning. Every £10 deposited will equate to 1 entry, with a minimum balance of £100 required to be entered. So, if a user deposits £1000, they will have 100 chances to win.
Premium bonds in the UK are one of the most popular savings products, with over £118billion in them. However, the Trustpilot rating is just 1.3 stars out of 5, with complaints about slow withdrawals and a painful user experience.
We will be the first fintech to challenge that.
Our account has lightning-fast withdrawals. Withdrawing takes 6 seconds back to your current account. The user experience is simple where users can see prizes in the app, as well as getting more entries for referring friends in the future.
The more money that is deposited in the account overall by everybody, the bigger the prizes will be. Moving forward, we also intend to offer more unique prizes, from experiences and getaways to rare objects!
So… for those who want something more from saving… meet the Prize Savings Account.
We can’t wait to share it with you!