Nationwide Building Society is adding an extra prize draw to its popular Start to Save account in January as demand has seen more than 319,000 accounts opened and in excess of £135 million saved since it was launched in February 2020.
Start to Save is an online, instant access, regular savings account that pays 1.00% AER/gross p.a. (variable). It’s designed to encourage people across to country to build a savings nest egg and gives them the chance to win prizes of £100 by saving regularly.
The more people save, the more prizes there are since the fund in each draw equates to one per cent of the total balance increase across all accounts meeting the entry criteria. Savers are entered if they increase their account balance by a minimum of £50 (up to a maximum of £100) in each of the three calendar months prior to that draw.
January’s additional draw has been created due to the account’s popularity and the success it has had so far in getting people into the savings habit. It takes place on 24 January. However, before then, a Start to Save prize draw takes place on 21 October. July’s draw saw a prize pot of £275,600, with 2,756 savers winning £100 each.
More than 144,000 members who had less than £100 in savings with Nationwide previously now have more than £100 as a result of Start to Save – equating to 41 per cent of all the accounts opened. The account continues to prove popular among younger savers, with the number of account openings made by those aged 18 to 39 forming around 47% of the total amount (nearly double – 25 per cent – the number of the Society’s other savings accounts opened by this age group).
Tom Riley, Nationwide’s Director of Banking & Savings, said: “We set up Start to Save to help foster a savings culture across the country given that the Money and Pensions Service had previously said there were more than 11 million people with less than £100 in savings. After five prize draws, it’s clear that the account has made a difference and it’s great to see so many members who had less than £100 in savings now having a more substantial nest egg as a result of Start to Save. It goes to show that a competitive rate combined with a financial incentive can be an engaging way to encourage a regular savings habit. Given the account’s popularity and its success in encouraging regular saving, we are pleased to be able to add an additional prize draw in January as a reward to people for continuing to put a small amount away each month.”