Savers can win one of five £1,000 prizes or 50 £100 prizes each month if they meet certain criteria. The draw is open to both existing customers and any new customers opening an account.

To be eligible for the draw, TSB customers will need to have a ‘Savings Pot’ alongside their Spend & Save, or Spend & Save Plus current account. The Savings Pot must have a balance of £10 or more.

Savings Pots are a standard feature TSB current accounts and customers can name them individually to reflect their personal savings goals.

Peter Hatton, TSB head of savings, said: “Our Spend & Save current accounts are proving popular with customers as they use their Savings Pots towards goals such as a holiday, new car, or home renovations. We’re pleased to offer a prize draw that will give customers another great incentive to save.”

The Prize Draw will run from 1 November to 31 May 2022. There will be six draws, with the first prizes awarded in December.

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Eligibility for the prize draw

To be eligible for the savers’ prize draw, TSB customers must:

• Hold a Spend & Save or Spend & Save Plus current account
• Name a new or existing Savings Pot to include the phrase ‘My Dream’
• Fund the pot with at least £10 by 7pm on the last working day of the month to be eligible for the next draw

Other ways to win cash by saving

Getting a decent return on your savings is not that easy in the current low interest rate environment, so the lure of potentially winning a cash prize on top of any interest paid can be particularly powerful.

For example, Premium Bonds don’t pay any interest at all but instead runs monthly draws with winners bagging a £1m prize.

Natwest is currently running a competition for savers who opened a Digital Regular Saver account in August, and save between £1 and £50 in September, October and November. Qualifying savers will be entered into a draw which will take place in December and offers 10 a £1,000 prize.

Halifax runs its own monthly prize draw, which is open to anyone with savings of £5,000 or more in qualifying accounts. There are three top prizes of £100,000, 100 prizes of £1,000 and 1,500 prizes of £100.

Nationwide has also launched its own scheme aimed at encouraging people to get started with saving, called Start to Save. The Start to Save account pays 1% interest, and in order to qualify you have to pay in between £50 and £100 in each of the three months before one of its quarterly prize draws.

The number of winners for each draw will vary, based on the prize fund, which is calculated as 1% of the total increase in balances in qualifying accounts for the three months before the draw.