The account is a regular savings account paying a variable interest rate of 1%. Savers can deposit up to £150 a month for 12 months.

Make Me a Saver allows customers instant access to their savings without penalty. The account can be opened in branches, agencies and online.

Yorkshire Building Society says the aim of the account is “to help real life happen and assist people to build their financial resilience by growing a nest egg whilst earning a competitive return on their short-term savings”.

The Nation’s Nest Egg report released last year by the society highlighted that the average UK household monthly outgoings were £1,360, so this new account will give its monthly winners the chance of having a month off their average household bills or simply the chance to build up their savings.

To be entered into one of the prize draws, customers need to deposit money into the Make Me a Saver account and increase the balance by at least £50 in a calendar month.

Prize draws – 11 in total – will take place on the 3rd of the month between March 2022 and January 2023 with the account maturing on 31 January 2023.

Chris Irwin, director of savings at Yorkshire Building Society, said: “Now more than ever, with current and potential future economic uncertainty, it’s important for people to try and build their financial resilience where they can and for us as a society to help people to save. We want to continue to help people establish a healthy savings pot and improve their financial wellbeing and are trying to promote a save-first culture to help people put aside money that will help build a nest egg.

“Regular savings accounts are one way we can encourage our members to establish healthy savings habits. It’s also no secret that savers are having a tough time at the moment with unfavourable market conditions, so we’re really proud that this new account, while promoting saving little and often also offers a competitive return with the chance to win a cash prize as an added bonus.”

Other institutions that run prize draws for savers and members include Halifax, TSB, Natwest and Nationwide.