More than 82,000 savers opened the 18-month bond, where members received one entry into the prize draw for every £100 saved, with members who saved the maximum £10,000 into the bond having at least a one-in-200 chance of winning – significantly better odds than the most popular prize draws in the market.
This latest prize draw follows the success of both the ISA prize draw, which gave members the chance to win up to the full annual ISA allowance of £20,000, and the Start to Save account, which is aimed at getting people into the savings habit and which offers the chance to win £100 prizes for saving regularly.
With Base Rate at an all-time low, we’ve been working to find different ways to reward savers. Prize draws are simple to understand and are a way of rewarding our members’ loyalty in this low interest rate environment. Being able to enter the prize draw is an additional benefit of being a member of Nationwide.
Tom Riley, Nationwide’s Director of Banking & Savings, said: “The pandemic has shown us that you never know what is around the corner, so it is important to have a savings nest egg. As a mutual we are always looking at ways to reward our savers and encourage everyone to keep saving. Our prize draws are proving very popular at encouraging both new and established savers to put money away. We hope our latest winners enjoy their prize whether they choose to spend it or save it.”