Savings have been in the news this week as Mr Money Saving Expert himself has issued a warning to savers (Wales Online). In short he basically says that if you have a savings pot that you need to check the interest rate you’re receiving. If the rate you’re getting on a savings account is “under 1.5% then you’re being underpaid – don’t stand for it”. If you’re intrigued by all this then our advice is check out the latest addition of the MSE newsletter (20th April 2022) where Martin explains how to make the most of any money you have in savings. One area of savings account that he doesn’t touch on are banks and building societies that run prize draws. For example according to The Express, Halifax are expanding their £100,000 prize draw this summer – rather than creating 3 winners of the top £100K prize they’ll be creating 10 and also dishing out another 10 prizes of £10,000. Halifax isn’t the only bank offering the chance to win prizes so we thought we’d take a closer look.
Halifax Savers Prize Draw
Launched in 2011, the Halifax Savers prize draw makes 3 savers £100,000 better off every month. To celebrate their tenth anniversary of this reward they’re going to increase the number of winners to 10. Note that this SuperDraw will take place in June! There are of course caveats to this particular prize draw. 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. Most Bank of Scotland branded personal retail savings accounts also qualify. Any savings in joint accounts will be split equally. All account holders will need to register separately. By the way, based on Martin’s suggestion above only the Family Boost Fixed Savings Account has an interest rate over 1.5%.
Nationwide Building Society Member Prize Draw
If you’re a Nationwide member with a mortgage, personal savings or current account then good news – you’re in the member prize draw already! Every month until August 2022 Nationwide will dish out 8008 different prizes including a top prize of £100,000. There are 2 prizes of £25,000 and 5 of £10,000. The remaining 8000 monthly prizes are £100 each. Prizes are drawn on the second Tuesday of each month and you’ll be notified if you win a prize. Interestingly winners have 21 days before the payment is made to tell Nationwide if they don’t want to accept the money. We can’t imagine many people going “thanks for the £100K prize but do you know what I don’t think I’ll accept it”. In terms of interest rates on savings you can get 2.5% on the Flex Regular Saver but there are terms and conditions attached including the rate dropping after four withdrawals.
Yorkshire Building Society Make Me A Saver
This promotion from YBS is a newcomer to the savings prize draw stable and will run until January 2023. Make Me A Saver is a prize draw savings account “designed to help you grow your nest egg or be ready for a rainy day. It’s a monthly savings account that’s as flexible as your life is changeable”. Well that’s what YBS say anyway. Every time you save at least £50 in a calendar month, you’ll be entered into a prize draw with a chance to win £1500 – the average total of our most important monthly household bills. Ten lucky savers will win every month. Note that you can only pay in £150 per month, regardless of how much you withdraw. This means the maximum you can withdraw in a month and still qualify for the prize draw is £100, if you pay in a total of £150 in the same month. The interest rate as of April 2022 is just 1% so below the figure suggested by Mr Money Saving Expert.
This Is Not Financial Advice
It goes without saying – although we’re going to say it – that this blog 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.