Prize Draw Savings & Bank Accounts

Way back in 2022 we wrote a blog on how savings could mean prizes. It featured savings accounts from the likes of Halifax, Nationwide and Yorkshire Building Society, all of which were offering prizes to customers. The idea was to keep the section up to date in a similar way that we do with the TV Show page. As usual things get in the way and it got left on the bank burner. However as we've started to note a few prize savings and bank accounts we thought we'd try and give it another go. Remember that the below is just for information purposes only and doesn't constitute any form of financial advice.

Halifax Savers Prize Draw

Launched in 2011, the Halifax Savers prize draw makes 3 savers £100,000 better off every month. To qualify you need to hold at least £5000 or more for a whole calendar month to be entered into the next month’s prize draw. The £5000 can be made up of your savings in all your qualifying accounts. All Halifax savings accounts and cash ISAs qualify, except accounts for kids.

Chip Prize Savings Account

The Chip Prize Savings Account is a savings account where instead of earning interest on your deposits you have the chance to win up to £10,000. The number of entries you have in a monthly draw is "decided by your average balance over the calendar month. Your average balance is calculated by your daily balance divided by the number of days in the month". Each month there's one large prize and several smaller prizes. For example for February 2025 the prizes are 1 x £10,000 and 6500 x £10 but for March that becomes 1 x £50,000 and and 2500 x £10. Entries are free of charge, all you need to do to enter is deposit and hold at least £100 in the account.

NSANDI Premium Bonds

The most well known prize draws savings account, Premium Bonds offers the chance to win tax free cash up to £1million. The minimum holding is £25 and the maximum is £50,000. According to NSANDI the odds of winning is 22,000 to 1 for every £1 bond that you hold. From the April 2025 draw, the prize fund rate for Premium Bonds will change to 3.80%, down from 4.00%.

Family Building Society Windfall Bond

The Windfall Bond account from The Family Building Society gives you the chance to win cash prizes up to £50,000. However the minimum opening amount is £10,000. Each £10,000 saves represents one bond and therefore one entry into the monthly prize draw. The number of prizes will vary month to month.

Credit Union PrizeSaver

The PrizeSaver account from Credit Union comes with a chance to win £5000 every month. To open an account you need to contact your local Credit Union, but note that not all of them will offer a PrizeSaver account. Accounts can be opened from just £1 and each £1 represents an entry into the draw. However the maximum number of entries you can have per month is 200. As well as the top prize of £5000 there are also 10 x £50 and 10 x £20 prizes.

Win Up To £2500 With Co-Op & Visa

The Co-Operative Bank have teamed up with Visa and are offering cash prizes each month until November 2025. This isn't a savings prize draw though. Instead you earn entries every time you use your debit card during the month. The more you use your debit card, the more chance you have of winning (up to 15 entries per month). Subject to eligibility and terms and conditions apply. As well as the top prize of £2500 there are also 10 x £500 prizes every month.

Post Office Savings - Ends 2nd March 2025

You'll need to be quick for this one! Post Office Savings are running a weekly chance to win a £5,000 holiday until the 2nd March 2025. For your chance to win an amazing holiday all you need to do is deposit £2000 or more in a new or existing eligible Post Office savings account. Eligible savings accounts include Easy Access Cash ISA, Fixed Rate Cash ISA, or a new Loyalty Bond. Once deposited you then simply need to opt into the weekly prize draw.

Santander Stocks & Shares ISA

Launched on 18/2/25, Santander are giving away £10,000 in monthly draws until the end of May 2025. To enter you need to open or top up a Santander Stocks & Shares ISA. You need to invest a minimum of £100 or £20 per month. For every £20 invested, you’ll receive 1 entry into the relevant Prize Draw up to a maximum of £20,000 invested i.e. 1000 entries. There will be 50 winners in each prize draw with a range of cash prizes from £100 to £1000. Terms and conditions apply.

This Is Not Financial Advice

It goes without saying – although we’re going to say it – that this post does not constitute financial advice. We’re simply looking at which financial institutions are running prize draws and providing the information to you. There are plenty of other websites, such as Money Facts and Money Saving Expert who can help you through the mine fields of savings, interest rates and what have you. Products listed above can change and/or be withdrawn at any time.

Prize Draw Savings & Bank Accounts Discussion

We're keen to hear your views on Prize Draw Savings & Bank Accounts. Join in the conversation below and share your experiences. You'll need to be registered with Loquax AND have made an initial hello post here to comment. Please note that comments may be moderated and may not always reflect the views of Loquax Ltd.