We’re always being encouraged to save money but with interest rates so low it sometimes doesn’t feel worth it. Nationwide Building Society hope to pique interest in their ISA product by giving savers the chance to win prizes. They are giving away a staggering £500,000 in prizes in this prize draw. There are 10 top prizes of £20,000, 10 prizes of £10,000 and 40 prizes of £5,000 that are up for grabs.
How To Enter
To enter the draw you need to increase the total balance in one or more Nationwide cash ISAs by at least £100 between 6th March and 30th April 2020. If you’ve already topped up your ISA with your annual allowance then simply hold off until after 6th April to enter. New customers are welcome to take part in the draw but naturally will need to open an ISA product and fund it with at least £100. There are a number of products available.
The prize draw will take place on 21st May 2020. As mentioned above 60 winners will be chosen to win cash prizes ranging from £5000 to £20,000. The prize money can either be paid into your ISA account or paid as a cheque. Note that the draw is also only to members from England, Scotland and Wales. There’s no option for Northern Ireland residents to take part.
Start To Save Prize Draw
The ISA prize draw isn’t the only giveaway that Nationwide Building Society are running to encourage savers. They are also giving you the chance to win £100 in Start to Save prize draws. The Start To Save account is an initiative to encourage people to get motivated about saving. To enter you need to open a Start To Save account and then add money to account.
You will need to increase your balance by between £50 and £100 each month for three months leading up to each prize draw. Four prize draws are scheduled – 21st July 2020, 21st October 2020, 22nd January 2021 and 23rd April 2021. If you open an account this month (March) and save £50 in April, May and June then you’ll qualify for the July prize draw. As above this promotion is open to residents of England, Scotland and Wales only.
Save To Win
The number of winners in the Start To Save draw is based on how many people qualify for the promotion. According to the terms the prize fund will be equal to 1% in the increase of balances in all the qualifying accounts of the draw. That doesn’t mean much to us either but Nationwide do suggest that the odds of winning are between 1 in 34 and 1 in 67.
These products are not the first saving related prize draws. Premium Bonds have been doing it for years whilst Halifax also have a Savers Prize Draw. To qualify for the latter’s next monthly draw you need to hold £5000 or more for a whole calendar month. However the prizes on offer are quite attractive with Halifax offering 3 x £100,000, 100 x £1000 and 1500 x £100 prizes.