Nationwide members share over £3.3million from bond prize draw...

[dutchman]

336 savers win £10,000



NATIONWIDE launched a "Mutual Reward Bond" in September 2020, just as NS&I lowered the odds of winning for their premium bonds. Nationwide's prize draw could allow savers to win cash prizes stretching into the thousands, with the latest draw rewarding over 300 members.

Nationwide Building Society launched a Mutual Reward Bond in late 2020 which can give existing members the chance to win up to £10,000. The product was launched on an 18-month fixed rate basis, with the number of prizes on offer depending on how much people have saved within the account, with the equivalent being 0.5 percent of total balances.

The prize draw took place on February 2 and according to Nationwide, this latest draw topped £3.36million.

This equated to 336 members winning £10,000 each after saving into the bond.

Since launching, 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.

Nationwide pointed out that these are "significantly better" odds than most popular prize draws available on the market.

This latest prize draw followed the success of both their 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.

Nationwide noted that with the base rate being so low, they've worked to find different ways to reward savers, as interest rates across the board struggle to get above one percent.

They highlighted that prize draws are simple to understand and are a means of rewarding loyal members.

To be able to hold the account, members will need to:

• Be aged 16 or over
  
• Not have more than £10,000 held within the account. This limit does not include any interest calculated on the account balance and added to the account
  
• Hold the account in a sole name, it cannot be held jointly

The account will pay interest but the amount awarded will be fixed for the whole term.