Money Talk
SUE’S GUIDE TO Prize Draw Savings Consumer expert Sue Hayward’s savvy finance tips and advice
Is it a savings account? Is it a lottery? Prize draw savings accounts are a mix of both offering interest and a chance to win cash prizes. On the downside they don’t pay the best interest but could you put up with that in a bid to win big?
Nationwide, Halifax, the Post Office and Family Building Society all offer
“prize draw” savings accounts with prizes up to £100,000 a month. So here’s how they stack up… Halifax
Big prizes on offer but you’ll need more than small change here as the minimum needed for its Savers Prize
Draw is £5,000. This can be spread across any Halifax savings accounts, excluding kids’ ones. Interest is from
0.1% to around 2% depending on the account, but there’s over 1,000 prizes a month from £100 up to £100,000. Nationwide
“Start to Save” can be opened with just one penny paying 1% interest. Top up your account by at least £50 a month and you can win prizes of £100 four times a year. Post Office
£1,000 is the minimum needed in savings for its Savers Prize Draw. There’s one monthly winner of £10,000 plus smaller cash prizes of £2,500 along with £100 shopping vouchers.
Family Building Society
Big money needed here as you’ll need to stash away £10,000 for a chance to win. The top prize is £50,000 with two £10,000 winners plus smaller prizes of £1,000. Savings earn 0.75% interest.
SUE’S TIPS:
◆ Savings are safe even if you don’t win, plus you’ll still earn interest.
◆ Prize draw accounts may not pay the top rates of savings interest.
◆ Check if you’re automatically entered for prize draws or if you need to opt in or register.
◆ Check the rules for any minimum balance or monthly investment.