Hundreds of Nationwide members pocket £10,000 cash prizes
Savers won entry to the draw by opening the Mutual Reward Bond, an 18-month bond, with members granted one entry for every £100 saved. A total cash fund of £3.36m was distributed among the 336 winners.
Nationwide has launched a host of savings schemes offering the chance to win a cash prize of late. Last year it introduced an ISA prize draw, with winners provided with the chance to win the full annual ISA allowance of £20,000, while it has also introduced the Start to Save account. This is aimed at people just starting out with saving, and includes prize draws every couple of months with winners receiving £100.
The mutual said that with base rate at an all-time low, it wanted to find new ways to reward savers, and argued that prize draws are a simple way to do this.
The nation’s highest profile prize draw savings account is the Premium Bond, with millions of savers holding the bonds, but National Savings & Investment has had to cut the number of prizes on offer, which has led to an exodus of savers. Halifax also offers its own prize draw for savings account holders.
Tom Riley, director of banking & savings at Nationwide Building Society, said that the pandemic had demonstrated the importance of having a savings nest egg which you can call on in the time of an emergency.
He continued: “As a mutual we are always looking at ways to reward our savers and encourage everyone to keep saving. Our prize draws are proving very popular at encouraging both new and established savers to put money away. We hope our latest winners enjoy their prize whether they choose to spend it or save it.”