Santander offers Britons chance to win £20,000 in new prize draw | Personal Finance | Finance

Diligent savers are likely to be delighted by a new offer from Santander. The provider is offering Britons the chance to win £20,000, the equivalent of their ISA allowance for 2023/2024.

The offer is open to new and existing Santander customers who will be entered into a prize draw.

To qualify, they will need to invest at least £1,000 as a lump sum or through a regular Direct Debit into a Stocks and Shares ISA on the Santander Investment Hub by Friday May 26, 2023.

All monies must be invested in a fund by the closing date of midnight on Friday May 26, 2023.

ISA transfers or re-registrations from other providers will not be eligible for the prize draw.

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People can expect to find out if they have won by June 30, 2023 with the bank reaching out to the winner by phone and email.

Alexia Kilby, head of wealth propositions at Santander UK said: “Many investors are evaluating their savings and investments as we start the new financial year.

“Our Investment Hub not only gives the chance for one lucky customer to win £20,000 tax free, but it also offers a convenient and secure way to manage their investments online in one place.

“Whether an experienced investor or somebody investing for the first time, the Investment Hub gives you the opportunity to pick your own fund or seek online advice through our Digital Investment Adviser.”

Regardless, stocks and shares ISAs are one of the UK’s “most popular ways to invest” according to Santander.

Individuals will not pay income tax or capital gains tax on their investments in the ISA.

They can put away up to £20,000 into this account each year.

Santander recommends people keep and hold their investments for the medium to long term – i.e. five years or more.

The tax treatment of investments depends on individual circumstances and may be subject to change in the future.