24 Feb 2023

More than 900 savers win £250 in Nationwide's latest Start to Save prize draw

  • First prize draw of Start to Save (Issue 2) sees 917 members win £250
  • Prize fund for first draw stood at £229,250 with a 1 in 34 chance of winning
  • 162,339 accounts were opened up to the end of January with c31,700 savers qualifying for first prize draw
  • 32% of all Start to Save (Issue 2) accounts were opened by those aged between 18 and 39

Hundreds of savers have walked away with £250 through the first prize draw of Nationwide Building Society’s Start to Save (Issue 2) account. The first prize draw took place on Tuesday 21 February and saw 917 members sharing a prize fund of £229,250.

There were 31,713 savers who qualified for the first prize draw by saving between £25 and £50 in each of the six months between August 2022 and January 2023. There was a one in 34 chance of winning in the first prize draw. Winners will be notified from 28 February and will have their £250 prize paid directly into their Start to Save (Issue 2) account from 1 March.

According to research from the Money and Pensions Service (MaPS), nine million people across the UK have no savings and another five million have less than £1001. The Society launched Start to Save in a bid to encourage people to put some money away when they can. So far, there are 10,244 members who had less than £100 in savings with Nationwide previously, who now have more as a result of Start to Save (Issue 2). The account has proved particularly popular with those aged between 18 and 39 with nearly a third (32%) of all Start to Save (Issue 2) account openings, up to 31 January, made by this age group. This compares to just 23 per cent of that age group opening all other savings accounts. 

Start to Save (Issue 2) is an instant access, regular savings account paying an interest rate of 5.00% AER/gross p.a. (variable) for 24 months. It allows people to save up to £50 per month.2

Since the launch of Start to Save (Issue 2) in June 2022, 162,339 accounts were opened as at the end January, with around £28 million saved in total and each member saving an average of around £172.

Start to Save (Issue 2) also includes prize draws to reward members saving regularly, each offering savers the chance to win £250, with two further prize draws due to take place. To be eligible, savers need to increase the balance of the account by between £25 and £50 a month in each of the six calendar months leading up to a prize draw. Savers can withdraw funds at any time. However, if any money is taken out during a calendar month, some or all of it may need to be paid back into the account to be eligible for the prize draw3.

The dates of the two additional prize draws are: 

  • 22 August 2023: Balances must increase monthly by £25-£50 between February and July 2023.
  • 20 February 2024: Balances must increase monthly by £25-£50 between August and January 2024.

The total prize fund4 for each draw is 2.50% of the total balance increase across all qualifying Start to Save (Issue 2) accounts in the six months leading up to the draw. The more saved, the bigger the prize fund and more prizes on offer.

Tom Riley, Director of Retail Products at Nationwide Building Society, said: “Start to Save was first set up with the aim of encouraging those who could save, but who hadn’t done so before, to get into a savings habit. So, even with the current cost of living challenges facing many, it’s encouraging to see that there are people that have been able to build up rainy day funds and we’re delighted that we’ve been able to boost the savings pot of more than 900 members with an extra £250 through our prize draw.”


Notes to editors

1 One in six UK adults have no savings | The Money and Pensions Service

2 Each individual saver is able to open one account, allowing a balance increase of between £25 and £50 per month. It can be opened without putting in any money, although money must be deposited in the account within 28 days.  

3 For example, if the account balance is £100 at the start of the month and £50 is then withdrawn, at least £75 will need to be saved into the account to ensure the balance reaches at least £125 at the end of the month.    

4 Using the example above, if 50,000 people all increased their Start to Save account balance by £150 (£25 per month) between February and July, the total prize fund for the August draw would be £187,500 – equating to 750 chances to win a £250 prize. If those same 50,000 people all increased their Start to Save account balance by £300 (£50 per month) the total prize fund would be £375,000, with 1,500 chances to win a £250 prize. The odds of winning a prize through Start to Save (Issue 2) are between 1 in 34 and 1 in 67.  

The account will revert to an instant access account 24 months after account opening.  

The interest and any winnings paid into the account will not count towards the monthly balance increase target to be eligible for entry into the prize draw, nor will they contribute to the amount in the prize fund. The prize winnings are not taxable. The £250 prize is paid into the account and becomes part of the balance and that accrues the 2.50% interest.  

AER stands for Annual Equivalent Rate and illustrates what the interest rate would be if interest was paid and compounded once each year. Gross p.a. is the interest rate without tax deducted. Tax-free is the contractual rate of interest payable where interest is exempt from income tax.