Nationwide is offering a £500,000 giveaway to savers | moneyfacts.co.uk

Derin Clark

Derin Clark

Online Reporter
Published: 04/03/2020

Nationwide is set to launch an ISA prize draw on Friday 6 March that will see a £500,000 giveaway to help encourage consumers to save.

The building society is giving its savers the chance to win up to £20,000, the current annual ISA allowance. Savers will get 10 chances to win the top prize of £20,000, but it is also offering a further 10 prizes of £10,000 and 40 prizes of £5,000. Commenting on the launch of the prize draw, Tom Riley, director of savings at Nationwide, said: “At the start and end of a tax-year we see a spike in savers rushing to make the most of their tax-free ISA allowance. Our new prize draw rewards these savers by giving them the chance to win £20,000 - the equivalent of a full year’s ISA allowance.

“The prize draw is likely to be popular with savers as they have the chance of winning a cash prize, while at the same time earning a competitive rate of interest on their savings. No matter how much people put away, everyone has the same chance of winning – a concept that is true to our mutual roots.”

The draw, which opens this Friday (6 March) and closes on Thursday 30 April, is available to both new and existing Nationwide customers. In order to enter the prize draw customers simply have to increase their ISA balances by £100 or more by 30 April 2020. The prize draw, which is available to those located in England, Wales and Scotland, will take place on 21 May 2020 and winners will be selected at random. The lucky winners can either choose to have their prize paid directly into an existing Nationwide account or by cheque.

In order to qualify for the prize draw, customers can either open a new account or top up an existing account. This can be done with a new ISA subscription or by transferring existing ISA balances from other providers. Nationwide also allows its customers to split their current year’s ISA allowance across its product range, so savers can split the balance increase between more than one ISA and still qualify.

Nationwide has stated that it has launched this prize draw, which follows its Start to Save account and prize draw launched last month, as a way to encourage savers to top up their ISA savings. Rachel Springall, finance expert at Moneyfacts.co.uk, said: “This new ISA prize draw is a fantastic way to encourage the savings habit as for just a £100 lump sum, savers could win up to £20,000.

“It’s great to see that this offer is available in a window when savers who may have already used their current ISA subscription limit can still take part, as it runs until 30 April.

“It will be interesting to see whether this move will encourage the savings habit among both existing Nationwide customers and motivate new savers to open an ISA to take part, as it seems like an opportunity not to be missed.”

Disclaimer

Information is correct as of the date of publication (shown at the top of this article). Any products featured may be withdrawn by their provider or changed at any time.

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