Nationwide to offer new £100 prize draw to encourage people to build a rainy-day fund
Savers with Britain’s largest building society could win £100 in a new prize draw.
Nationwide’s Start to Save account offers quarterly prize draws with payouts of £100 to lucky savers as well as 1 per cent interest.
The aim is to encourage people to build a rainy-day fund.
Nationwide’s Start to Save account offers quarterly prize draws with payouts of £100 to lucky savers as well as 1 per cent interest
The new account supports the Government-sponsored Money and Pensions Service target to persuade millions more who struggle to save regularly. More than 11 million people in the UK have less than £100 in savings.
Nationwide will have four prize draws. The first will be in July, with the others following at three- monthly intervals.
To be eligible for the draws you must increase your balance by £50 a month prior to the draw.
Nationwide says the odds of winning are, at worst, one in 67 — far better then Premium Bonds, where the odds will drop to one in 26,000 in May.
The more people save, the more prizes there will be, which means the odds could drop.
The total prize fund for each draw will be 1 per cent of the total balance increases on qualifying Start to Save accounts in the three months leading up to the draw.
The account is available online and open to all savers in England, Scotland and Wales.
It is not available in Northern Ireland because legislation there does not allow it to offer a prize draw.