Following the final prize draw, a new Start to Save account aimed at helping people save regularly is planned for launch early in the new year.
The account was launched in February 2020 with the aim of encouraging people into the savings habit by offering them a chance to win £100 in regular prize draws. Since launch, more than 350,000 Start to Save accounts have been opened with members putting aside more than £170m and c7,500 winning £100 in at least one of the prize draws.
Research by the Money and Pensions Service has previously highlighted that more than 11 million people in the UK have less than £100 in savings. More than 157,000 members who previously had less than £100 in savings with Nationwide now have more than £100 as a result of Start to Save – equating to 47 per cent of all the accounts opened. The account has proven to be popular among younger savers, with the number of account openings made by those aged 18 to 39 forming around 46 per cent of the total amount (nearly double – 26 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 encourage those who hadn’t really saved before to get into the savings habit. Offering an attractive rate, with the potential to win money has really resonated with our members and encouraged them to put money aside each month.
“To qualify for the last Start to Save prize draw in January 2022, members need to have opened the account already and save the required amount in October, November, and December, so we are temporarily withdrawing the account from sale. We are planning to launch a new Start to Save account in the new year.”
