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

Yorkshire Building Society launches prize draw savings account

Written by: Emma Lunn
Make Me a Saver will offer 10 cash prizes of £1,500 a month which the building society says will cover the average household outgoings each month.

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.

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.

Your right to a refund if travel is affected by train strikes

There have been a wave of train strikes in the past six months, and for anyone travelling today Friday 3 Febru...

Could you save money with a social broadband tariff?

Two-thirds of low-income households are unaware they could be saving on broadband, according to Uswitch.

How to help others and donate to food banks this winter

This winter is expected to be the most challenging yet for the food bank network as soaring costs push more pe...

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