Halifax has launched a rather unusual form of savings account, giving customers the chance to win prizes on top of their general interest.
The Halifax Savers Prize Draw offers a range of cash prizes from £100 to £100,000 for anyone who holds a saving account with a balance of £5,000 or more. The draws will take place each month and prizes will be paid out in addition to the interest already accumulating on the savings account.
Simon Kenyon, director of savings, explained that the idea is designed to “shake up the savings market and reignite a savings culture”. Indeed, the bank has explained that it hopes to use the scheme to reward people for positive savings habits.
Mr Kenyon added, “We know that our customers work hard to achieve their savings goals so this is a great way of rewarding that commitment. Savers can be sure they can continue to earn interest on their funds in addition to the opportunity to win a cash prize in the monthly draw."
The scheme has the added benefit that winners will not be required to pay income tax on their prize money.
