Halifax has announced that it will be giving its savings account customers the chance to win up to £100,000 in a monthly draw.
Under the new competition plans, thousands of savers will scoop a tax-free cash prize as the bank gives away £500,000 every month. The winnings will be split between a big £100,000 prize, 100 £1,000 prizes and 1,000 £100 prizes, and the money will be paid in addition to savings interest.
In order to be eligible for entry into the draw, savers must be over 18 years of age and have at least £5,000 in savings. It is thought the move could be popular because of the pressures on savers from low interest rates and high inflation.
Simon Rose, of Save our Savers, told the Telegraph: "Given the lottery-obsessed 'I want it now' attitude of so many Britons, entering savers into a monthly draw should prove a hit. But savers should ensure they aren't sacrificing too much on interest rates just to gamble on winning a prize. Halifax has millions of savers, so the chances of winning will be small."
The only other comparable scheme on the market is offered by National Savings & Investments, which holds a monthly draw to win £1 million and other cash prizes instead of paying interest.
