Savers Can Win £1,000 With NatWest Competition | moneyfacts.co.uk

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Derin Clark

Derin Clark

Online Reporter
Published: 02/08/2021

NatWest has launched a savings competition in which 10 regular savers will each win a prize of £1,000.

To automatically be entered into the competition customers need to open a Digital Regular Saver account before 5.30pm on 31st August, set up a standing order for between £1 to £50 and make payments in September, October and November. The 10 winners will be selected in December and the £1,000 cash prize will be paid directly into the Digital Regular Saver account. This account pays 3.04% AER on balances between £1 to £1,000 or 0.01% on the portion of deposits over £1,000, although savers should be aware of how interest on regular savings accounts is calculated – this guide explains how interest is calculated on regular savings accounts .

What other saving prize draws are available?

A number of other banks and building societies offer prize draws for savers, these include:

  • Nationwide Building Society’s Member Prize Draw – savers can win up to £100,000 in a monthly prize draw.
  • Halifax’s Savers Prize Draw – savers can win up to £100,000 in a monthly prize draw.
  • National Savings & Investment’s (NS&I) Premium Bonds – premium bond holders are entered into a monthly prize draw in which they can win up to £1 million.

Should savers open a prize draw savings account?

Although many prize draw savings accounts offer headline grabbing prize money, savers should remember that their chances of winning are very slim. As well as this, often the interest paid on these accounts are not very competitive, while the premium bonds from NS&I do not offer any interest on deposits. As such, savers looking for a guaranteed way of boosting their savings may want to consider a top-paying savings account instead. For example, savers happy to lock their money into a fixed rate bond for a year will be able to get a top rate of 1.10% AER, which is currently being paid as an expected profit rate on accounts from Habib Bank Zurich plc and Gatehouse Bank. A deposit of £5,000 into these accounts would earn an expected profit rate of £55 after the one year term.

Meanwhile, savers looking for the flexibility of an easy access savings account, which unlike fixed rate bonds allows savers to access their money, will find that the top rate is currently being paid by Skipton Building Society which pays 0.60% AER. The account requires a £5,000 minimum deposit to open, which if a saver deposited this amount, would result in them earning £30 in interest after a 12-month period.

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