You are here: Home - Saving & Banking - News -

TSB launches £1,000 savers’ prize draw

Written by: Emma Lunn
TSB has launched a new prize draw that it says will help customers get into the habit of saving.

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.

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.

There are 0 Comment(s)

If you wish to comment without signing in, click your cursor in the top box and tick the 'Sign in as a guest' box at the bottom.

Flight cancelled or delayed? Your rights explained

With no sign of the problems in UK aviation easing over the peak summer period, many will worry whether holida...

Rail strikes: Your travel and refund rights

Thousands of railway workers will strike across three days this week, grinding much of the transport system to...

How your monthly bills could rise as the base rate reaches 1.25%

The Bank of England has raised the base rate to 1.25% as predicted – the fifth consecutive rise in just six ...

What will happen if rates change

How your finances will be impacted by a rise in interest rates.

Regular Savings Calculator

Small regular contributions can build up nicely over time.

Online Savings Calculator

Work out how your online savings can build over time.

DIY investors: 10 common mistakes to avoid

For those without the help and experience of an adviser, here are 10 common DIY investor mistakes to avoid.

Mortgage down-valuations: Tips to avoid pulling out of a house sale

Down-valuations are on the rise. So, what does it mean for home buyers, and what can you do?

Five tips for surviving a bear market mauling

The S&P 500 has slipped into bear market territory and for UK investors, the FTSE 250 is also on the edge. Her...

Money Tips of the Week