I’ve been trying to get my head around the prize account, and why would we want to play it?
I put money in, it doesn’t gain interest, and have a minimal chance of winning something? It seems with the amount of customers winning is slight, so aside from leaving a spare £100 in, it doesn’t seem worth doing?
Well you have to be in it to win it !
im sure those that have won £10000 will be thinking differently ?
Now do I put in £85k in to the instant access account and gain the interest, or move it all to the prize account, no interest, with a lesser chance of winning a tenner or something else?
Assume you’ve only used the prize account?
Who used to say that on TV?!
No, I use both. Mostly invested but about 10% of my savings with chip in the prize draw account. I have premium bonds also although chip gives you a higher chance of winning. I play on the national lottery Also for that chance win. So personal choice. There’s no right answer for everyone as depends on what kind of saver or gambler you are ?
You need to put 100% into the prize savings there mate, guaranteed success over the instant access
The late Dale Winton was the main one to say it.
Ah can’t beat a bit of Dale! My brother used to date him
It’s your money do whatever you want. I’ve wasted lots of money on Euro lottery at least this way I keep my money.
The odds of winning in premium bonds is higher than the Chip account by about 2.5x.
In premium bonds odds of winning are 24000 to 1 but each £1 = 1 entry. With chip each £10 = 1 entry and whilst this may have changed the is of winning were 6000 to 1 at launch. So when comparing these the odds of winning in comparison is 60,000 to 1.
If we consider the max amount you can invest in premium bonds is £50,000 then an average winner would win 2.5 times a month, with minimum prize being £25, that equates to winning £62.50. To win the same amount with Chip you need to win more than 6 times a month with minimum prize being £10. How many people do win this many times? Remember the max prize with premium bonds is £1m.
At the end of the day we all have a choice where we invest our money and wish everyone luck with whichever route they take
Now that’s an excellent answer
It seems the sacrifice in not receiving the monthly interest is basically a little excitement
Great info. Making me seriously consider moving the 5K I have in Chips prize draw account to my existing Premium bonds.
That’s quite a considerable amount, not worth putting it in the 90 day notice account?
so does it matter how long the money is in the Prize acct . Ie what if i put everything i have in chip in the prize acct for 1 or 2 days at the end of the month. Then put it back to the main acct on the 1st and move back 29 30th… repeat every month OR is it the longer you leave money in the Prize acct the more entries you get …but my feeling is the former? any one care to clarify ?
That’s an interesting question, I wondered myself. If the “average” is supposed to be £100, if person X puts in £30k for a day, then move out, does that average out at £1k a day?
@Lordrana if you do that you’ll get a pro rata chance of winning for the days that your money is in. If your money is in the Chip Prize Draw account for 2 days of each month then your winning chance would be 2/30 or 2/31 the chance of winning as if you’d left your money in there for the whole month. Thankfully you can’t cheat the system. It wouldn’t be fair on those who leave their money in all month long and forgo earning interest in it.
Thanks for clarifying…sounds about right …although I note chip do not say this officially… can I ask what is yr source of information on this please ?
Chip, so basically for a maximum chance is to lob in as much as you can and hold it there for 31 days, sacrificing normal interest. Then assume everyone else will do it, so the odds become evens again?
I’m not bothering to do it, I’m curious in the odds of winning something
@Lordrana because originally people were using the loophole to put money in for a couple of days at the end of each month and then moving it out again, etc. Martin Lewis was even promoting the cheat. Chip then introduced the pro rata thing to make it fairer. I guess that people must have complained. I don’t have the link to this change but it is so. But i got that info sent to me as did others I’m sure. I’m surprised to read from you that it’s not now in the Prize Draw Ts&Cs.