Nationwide Building Society today further demonstrates the benefits of mutuality as it announces the launch of a monthly prize draw that gives members the opportunity to share a prize fund of £1 million each month, just for being a member.
Every single Nationwide member, defined as someone aged 18 or over and with at least one Nationwide mortgage1, savings2 or current account, will be automatically entered into the Member Prize Draw each month.
The launch builds on the success of the Society’s savings-focused prize draws over the last year, with more than 5,000 prizes given out totalling more than £4.3 million3, and it’s a concept which has proved popular in research4 with members.
The draws begin in September with the Society committing to running Member Prize Draw for a 12-month period. However, listening to members’ views and opinions is an important part of being a mutual and the Society will continue to listen to member feedback on the Member Prize Draw during those 12 months.
There will be 8,008 prizes to be won every month, with one lucky member having the chance to win £100,000 each time, as the Society aims to once again give back as much value as it can to members, particularly at this time. In fact, over the course of 12 months, there is the potential for more than 95,000 members to win at least £100.
The prizes available each month are:
- One winner of £100,000
- Two winners of £25,000
- Five winners of £10,000
- 8,000 winners of £100
Everyone will have an equal chance of winning a prize as each of the Society’s eligible members will get one entry per month – resonating with Nationwide’s ethos that all members are valued equally, regardless of how many products they have.
All members meeting the entry criteria as of the last working day of each month will be automatically entered into the following month’s prize draw. However, members will be able to opt out if they wish by visiting www.nationwide.co.uk.
The prize draws will take place on the second Tuesday of every month with the first prize draw taking place on Tuesday 14 September.
Nationwide currently has around 14.2 million members eligible for the first Member Prize Draw, which would mean the odds of winning a prize are around 1 in 1,750. These odds will change month-on-month depending on the final number of members eligible for entry.
Payment of prizes will then be made either through transfer to a Nationwide current account or savings account or by cheque, typically within four weeks.
The Member Prize Draw is only available to eligible members in England, Scotland and Wales. It will not be open to those in Northern Ireland due to the way prize draws are regulated there. As a result, Nationwide will be giving something back to communities across Northern Ireland with a fund of more than £300,000 set up in September to be shared amongst local charities.
Louise Prior, Nationwide’s Director of Membership Propositions, said: “Our members are used to sharing in the benefits of mutuality through better service and with preferential rates, such as those offered on our Member Exclusive Fixed Rate ISA and Mutual Reward Bond. The launch of our Member Prize Draw is another example to show why it’s worthwhile being a member of Nationwide Building Society. It is about giving even more back to our members on top of the benefits we already offer.
“We believe it’s important that lots of members can benefit from the Member Prize Draw, which is why we are giving more than 8,000 members the chance to share in a prize pot of £1 million each month. And what’s more, members don’t need to do anything to take part – as long as they have at least one of our mortgages, savings accounts or current accounts then they are automatically entered.
“We do understand though that there may be some members who do not wish to take part in our Member Prize Draw, which is why there will be an opt out page on our website and, by having the first prize draw in September, we are giving members plenty of time and opportunity to do so.”