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Nationwide savings bond offers chance to win £10,000

Written by: Emma Lunn
The 18-month Mutual Reward Bond pays an interest rate of 0.5% AER and gives existing members the chance to win £10,000.

Savers receive one entry into the prize draw for each £100 saved, with a maximum deposit of £10,000. Only Nationwide’s existing members are eligible to open the account.

The equivalent of 0.5% of qualifying balances will be paid into a prize fund, so the more members save, the more £10,000 prizes there will be.

Nationwide says that if a customer saves the maximum £10,000 into the bond, they will have at least a one-in-200 chance of winning.

This is significantly better odds than the most popular prize draws in the market.

Nationwide said that with the base rate at an all-time low, it has been working to find different ways to reward savers. It said that prize draws are simple to understand and are a way of rewarding the society’s members’ loyalty in a low interest rate environment.

The draw, which is open to members in England, Scotland and Wales, will take place on 2 February 2021 and winners will be selected at random.

Winners will have the prize paid directly into an existing Nationwide account or by cheque.

The Mutual Reward Bond can be opened via Nationwide’s digital channels including its website, via online or mobile banking, or in branch.

Tom Riley, Nationwide’s director of banking and savings, says: “As a mutual we are focused on finding different ways to reward our savers and encourage everyone to keep saving. Our prize draws have proved very popular and we can see that they are encouraging both new and established savers to put money away.

“Our new Mutual Reward Bond is exclusively available for our existing members and as well as offering them the chance to win £10,000 they can also benefit from our best fixed rate.”

Earlier this year Nationwide’s ISA prize draw gave members the chance to win the full annual ISA allowance of £20,000.

Alternatively Nationwide’s Start to Save account offers the chance to win £100 prizes for saving regularly.

Other ways savers can win include Premium Bonds, Family Building Society’s Windfall Bond, and Halifax Savers Prize Draw.

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