Savers win £100 in Nationwide Start to Save draw | moneyfacts.co.uk

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nigel woollsey

Nigel Woollsey

Online Writer
Published: 22/07/2020

A new type of savings product offering £100 cash prizes has produced 458 winners in its inaugural prize draw.

Nationwide Building Society’s Start to Save account was launched in February offering an instant access, regular savings account that pays 1.00% AER/gross per annum (variable). To be eligible for the prize draws, savers need to increase their balance in the account by a minimum of £50 (up to a maximum of £100) in each of the three calendar months leading up to the month of the prize draw.

For the first prize draw, which took place yesterday, 17,901 of the accounts were able to save the required amount to meet the entry criteria, generating a total prize fund of £45,800.

Winners will be notified by email this week with their £100 prize paid into their account between 28 July and 4 August.

Move towards October’s prize draw

The new savings account has proved particularly popular with those aged between 18 and 39, with more than half (52%) of all Start to Save account openings, up to 30 June, made by this age group. This compares to just 28% of that age group opening all other savings accounts.

Tom Riley, Nationwide’s director of banking & savings, said: “We’re delighted to be able to reward the savings habit for hundreds of our members through our first prize draw. Our aim with Start to Save is to encourage people to either rediscover the savings habit or embrace it for the first time. It is really encouraging to see more than half of accounts opened were by those aged between 18 and 39.

“As we look ahead to the next prize draw and beyond, we know many may find it difficult to put money away due to the impact of Covid-19. We’re always looking at additional ways that we can both support and encourage people to put away money regularly.”

Those looking for a more traditional savings account should take at a look at our regular savings and easy access comparison charts.

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