A total of 917 customers with the Start to Save (Issue 2) account have scooped a prize in the first draw, sharing £229,250 between them.

Nationwide said 31,700 savers qualified for the first prize draw, giving them a one in 34 chance of winning the £250 prize.

If you’re a winner, you’ll be notified from 28 February, with the £250 prize paid directly into your Start to Save (Issue 2) account from 1 March, Nationwide confirmed.

Start to Save (Issue 2) account

This is an easy access regular savings account to help get customers into the savings habit. Members can save between £25 and £50 a month where the amount earns 5% AER/gross (variable) for 24-months. The interest rate was increased from 3.5% in December 2022.

Since its launch in June 2022, 162,339 accounts have been opened, with a third by those aged 18-39. In total, around £28m has been saved, with an average of £172 per customer.

To be eligible for the first February prize draw, customers had to save between £25 and £50 in each of the six months between August 2022 and January 2023.

While savers can withdraw funds at any time, if money is taken out during a calendar month, some or all of it may need to be paid back into the account to be eligible for the prize draw.
There will be two further prize draws giving savers the chance to win £250:

• 22 August 2023: Balances must increase monthly by £25-£50 between February and July 2023.
• 20 February 2024: Balances must increase monthly by £25-£50 between August and January 2024.

The total prize fund for each draw is 2.5% of the total balance increase across all qualifying Start to Save (Issue 2) accounts in the six months leading up to the draw. The more saved, the bigger the prize fund and more prizes on offer.

Tom Riley, director of retail products at Nationwide Building Society, said: “Start to Save was first set up with the aim of encouraging those who could save, but who hadn’t done so before, to get into a savings habit.

“So, even with the current cost-of-living challenges facing many, it’s encouraging to see that there are people that have been able to build up rainy day funds and we’re delighted that we’ve been able to boost the savings pot of more than 900 members with an extra £250 through our prize draw.”