Nationwide Launches Two Start to Save Prize Draws | moneyfacts.co.uk

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MONEYFACTS ARCHIVE. This article was correct at the time of publication. It is now over 6 months old so the content may be out of date.

Derin Clark

Derin Clark

Online Reporter
Published: 26/01/2021

Nationwide Building Society is giving savers two extra chances of winning £100 through its Start to Save prize draws.

The additional prize draws will take place on the 21 July and 21 October 2021.

Last Friday, the third Start to Save prize draw took place, which resulted in 1,304 savers winning £100 each. The odds of winning in the January 2021 prize draw were 1 in 36 and the winners are currently being notified by email. The prizes will be paid into their account at the start of February.

To be in with a chance of winning a £100 prize, Start to Save account holders need to increase their account balance by between £50 to £100 in the three calendar months prior to the prize draw.

Start to Save is a regular savings account that offers 1.00% AER and does not need a deposit to open. This account has a term of 24-months, during which time monthly deposits of up to £100 can be made. Unlimited withdrawals are allowed. This account reverts to an instant access savings account after the 24-month term has ended. It can be opened and managed online and via mobile app.

Savings accounts with prize draws

Nationwide’s Start to Save is not the only account that offers savers a prize draw.

Perhaps the most well-known is National Savings & Investments’ (NS&I) Premium Bonds. These bonds do not offer any interest, but instead savers are entered into a monthly prize draw where they have the chance of winning £25 to £1 million. Premium Bonds have the benefit of being Government-backed and any winnings are tax-free. A maximum deposit of £50,000 is allowed and an account can be opened with a minimum deposit of £25. Savers considering this option should be aware that there is no guarantee of winning in the monthly prize draw and NS&I recently cut the odds of winning to 34,500 to 1. A more in-depth look at saving in a premium bond can be found on our story on whether savers should invest in a premium bond.

As well as NS&I’s Premium Bonds, Halifax holds a prize draw for savers who have a minimum of £5,000 saved in its savings accounts or cash ISAs, except for children’s accounts. The £5,000 or more needs to be deposited into the savings account or ISA for a whole calendar month to be entered into the next month’s prize draw. In each prize draw savers will have the chance to win from between £100 to £100,000.

The Family Building Society has temporarily withdrawn its Windfall Bond to new customers, but those who already have this account are still entered into its monthly prize draw. The account offers interest at the Bank of England base rate, which currently stands at 0.10%, and each month qualifying account holders will be entered into the prize draw where they can win from between £1,000 to £50,000. In order to hold a qualifying account, savers need to have £10,000 deposited into the account, other terms and conditions apply.

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