Nationwide regular savings account offers 5% interest and £250 prize draw | Personal Finance | Finance
Nationwide Building Society is offering savers the possibility of a reward for frequently building up a savings pot with its competitive regular saver. The Start to Save (Issue 2) account affords savers a variable five percent AER and the chance to win £250 up to three times if certain rules are followed.
Regular savings accounts work well for people looking to start saving, as these accounts typically award some of the highest interest rates on the market and the terms generally encourage savers to pay money into the accounts monthly with limited withdrawals.
However, the Nationwide BS Start to Save (Issue 2), as mentioned, offers the benefit of an additional reward to be nabbed through three prize draws.
To be entered into a prize draw, savers will need to increase their account balance by at least £25 (but by no more than £50) in each of the six calendar months leading up to the month of the prize draw.
For example, to qualify for the prize draw on February 21, 2023, the total balance in the account needs to increase by at least £25 in August, September, October, November, December and January.
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It also notes that interest and any prize draw winnings added to the account will not count towards the minimum required £25 balance increase.
Prize draws will take place on February 21, 2023, August 22, 2023, and February 20, 2024.
Winners are selected at random from all accounts that qualify for the prize draw and each winner will receive £250.
The prize fund is equal to 2.5 percent of the total increase in the balances of all accounts that qualify for the draw across the size months leading up to the draw, and the number of winners will depend on how many £250 prizes can be made up from this.
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Commenting on the account, Rachel Springall, finance expert at Moneyfacts told Express.co.uk: “Those savers looking to ignite their savings habit may wish to open a fixed term regular savings account where they can make monthly payments towards a specific goal.
“The Start to Save Issue 2 from Nationwide Building Society may be an enticing choice as not only will savers earn a competitive variable rate, but they can also take part in the savings prize draw.”
Ms Springall continued: “The entry into the prize draw is subject to their monthly deposits to its important they check all the terms and conditions before they open an account.”
