Halifax offers savers chance to win £100,000 top prize – are you eligible? | Personal Finance | Finance
People can quickly sign up to be in with a chance to win the top prize, with three prizes of £100,000 given away each month. There are also 100 prizes of £1,000 for lucky draw winners and another 1,500 people will win £100 each.
The Halifax monthly draw is available to savers with £5,000 or more with the bank.
This amount must have been held for a whole calendar month to be eligible for the next month’s draw.
The figure can include a person’s savings across all their accounts and cash ISAs, apart from money in children’s accounts.
Most Bank of Scotland personal retail savings accounts can also count towards the total.
READ MORE: Nationwide increases interest rate on savings account
Savings in joint accounts will be considered as split equally, with all account holders having to register separately.
People can register for the draw even if they don’t have the £5,000 yet.
In this case, they will be entered once they have amassed enough savings.
The Savers Prize Draw has seen Halifax give away over £75million in prizes since 2011.
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Savers only need to register once and will then be automatically entered into every following monthly draw that they qualify for.
Unlike Premium Bonds, which also has a monthly prize draw, savers taking part in the Halifax prize draw will still benefit even if they don’t win.
As the savings are in traditional savings accounts they will still earn interest regardless of the prize draw results.
Premium Bonds offer a bigger jackpot of £1million but there isn’t monthly interest paid on any savings held in the bonds – just winnings instead.
Cash prizes available through the scheme include £100,000, £50,000 or £25,000.
Before the rate hike, the odds of each £1 Premium Bond number bagging a prize was 34,500 to one.
After NS&I’s decision to hike the rate, the odds have now changed to 24,500 to one for savers.
Financial analysts warned that people with Premium Bonds savings may find the value of their investment eroded by soaring inflation, which is set to hit 11 percent by the end of the year.
