An increasing number of savings institutions are offering customers the chance to win life-changing amounts of money.
These accounts are designed to compete with – or complement – money held in NS&I Premium Bonds, which have two £1m jackpots each month as well as many smaller prizes.
But with research revealing two-thirds of Premium Bonds holders have never won a prize, savers may want to turn their attention elsewhere for a chance of bagging a life-changing sum of money…
1) Family Building Society
Family Building Society’s Windfall Bond was re-released from 1 August. It has a jackpot of £50,000, prizes of £10,000 and £1,000, and multiple prizes of £500 and £100.
Since the Windfall Bond’s launch in 2014, Family Building Society Windfall Bond customers have received prizes totalling £5,382,000.
Sold out previously due to its popularity, the Windfall Bond now comes with improved chances of winning a prize in the monthly draw, with a fivefold increase in the number of prizes available.
The Windfall Bond is a 35-day notice account and pays a variable rate of interest linked to the Bank of England base rate. It currently pays 5.25%. Interest is calculated daily and paid annually on 31 July.
Each bond requires a deposit of exactly £10,000. Withdrawals are not permitted, but account closure is available without an access charge after 35 days’ notice. Once a bond is closed, it no longer qualifies for the monthly draw.
2) Chip
Chip’s Prize Savings Account doesn’t pay any interest, but multiple monthly cash prizes are on offer. There is one £75,000 prize each month, one £10,000 prize and 250 prizes of £10.
Savers get a certain number of entries into the draws, depending on their average balance. Your average balance is calculated by dividing your daily balance by the number of days in the month.
Savers need to deposit and hold at least £100 in the account throughout the month to be eligible for the draw. Every £10 held in the account is equal to one entry in the draw.
3) Halifax Savers Prize Draw
If you have at least £5,000 to save, you can save it in a ‘qualifying account’ with Halifax, then register to participate in its monthly prize draw.
Three lucky savers win £100,000 each month, 100 savers win £1,000 and 1,500 savers get £100.
Most Halifax savings accounts are eligible for the draw, except those for under-18s.
One winner with Santander
Santander has launched a current account and savings prize draw where just one lucky customer has the chance to win a £50,000 cash prize.
The offer is available to all personal Santander current account and savings customers and is running until 31 August 2024.
Customers must have an open personal Santander current account and a Santander savings account with at least £50 it in on 31 August 2024 to be automatically entered into the draw.
