Each month there will be 8,008 prizes. This is broken down into a top prize of £100,000, two prizes of £25,000, five prizes of £10,000, and 8,000 handouts of £100.

Every Nationwide member aged 18 or over in England, Scotland and Wales with at least one Nationwide mortgage, savings or current account will automatically receive one entry into the draw each month. It will not be open to those in Northern Ireland due to the way prize draws are regulated there.

Everyone will have an equal chance of winning a prize – it doesn’t matter how many accounts you have with Nationwide or how much you have saved.

Anyone not currently a Nationwide customer can potentially open a savings account before the end of August and deposit just £1 to be eligible for the draw.

The prize draws will take place on the second Tuesday of every month with the first prize draw taking place on Tuesday 14 September. Members can opt out of the draws if they wish.

Nationwide currently has about 14.2 million members eligible for the first Member Prize Draw, which would mean the odds of winning a prize are about one in 1,750. These odds will change month-on-month depending on the final number of members eligible for entry.

Payment of prizes will be made either through transfer to a Nationwide current account or savings account or by cheque, typically within four weeks.

Nationwide prize draws

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. Alternatively, its Start to Save account is aimed at people just starting out with saving, and includes prize draws every couple of months with winners receiving £100.

Savers can enter another draw by opening a Mutual Reward Bond, an 18-month bond, with members granted one entry for every £100 saved.

Louise Prior, Nationwide’s director of membership propositions, said: “Our members are used to sharing in the benefits of mutuality through better service and with preferential rates, such as those offered on our Member Exclusive Fixed Rate ISA and Mutual Reward Bond. The launch of our Member Prize Draw is another example to show why it’s worthwhile being a member of Nationwide Building Society. It is about giving even more back to our members on top of the benefits we already offer.

“We believe it’s important that lots of members can benefit from the Member Prize Draw, which is why we are giving more than 8,000 members the chance to share in a prize pot of £1m each month. And what’s more, members don’t need to do anything to take part – as long as they have at least one of our mortgages, savings accounts or current accounts then they are automatically entered.”