Nationwide Building Society customers can benefit from a 5.25 percent interest rate on the Start to Save Issue 2 as well as a chance to win £250.
The instant access, regular savings account allows people to save up to £50 per month.
Savers need to increase their balance by at least £25 the six months leading up to a prize draw to be in with a chance of winning.
The interest is worked out daily and then paid into one’s account yearly on each anniversary of their account opening.
Based on 24 monthly deposits of £25 totalling £600, the estimated balance after the 24-month term would be £631.66.
To open an account, savers have to be 16 or over and be a UK resident.
There are with two further prize draws due to take place.
Prize draws will take place on August 22, 2023, and February 20 2024.
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 August 22, 2023, the total balance in their account needs to increase by at least £25 in February, March, April, May, June and July.
If they increase their balance by more than £50 in a month running up to a prize draw, they will not be entered for that prize draw.
Winners will be selected at random from all accounts that qualify for the prize draw. Each winner will receive £250.
In February, more than 900 savers won £250 in the prize draw.
Around 917 members shared the prize fund of £229,250.
People can open an account in their name or jointly with one other person.
They can do so on Nationwide website or on the Internet Bank or Banking app (if they’re registered).
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