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03 Jul 2022

Could you win some handy cash from your bank or building society?

Could you win some handy cash from your bank or building society?

A surprise cash windfall would certainly be welcome for many people right now – and you might be able to get one from your bank or building society.

Many providers offer cash incentives for switching your current account, and some have other opportunities to win cash or perks.

Katie Brain, banking expert at financial information and star ratings business Defaqto (defaqto.com) says: “There are several cash incentives and prize draws which are worth considering when choosing a suitable product, and some of these incentives can be relatively easy to apply for.”

NatWest recently announced plans to award 10 customers £1,000 each if they turn on a “round ups” feature on their account, automatically rounding up spending to the nearest pound, and depositing it into a NatWest savings account. The offer period runs until June 30, with the winners drawn at random on July 14.

Defaqto has done some digging into other providers offering prizes.

It found Halifax, for example, has a monthly prize draw for savers. Every month, it gives away around 1,600 prizes – including three prizes of £100,000.

Halifax does apply certain terms and conditions though, including savers need to hold £5,000 or more for a calendar month to be entered into the next month’s prize draw.

And Nationwide Building Society is holding a monthly member prize draw until August 2022. There are 8,008 monthly prizes, including a top prize of £100,000, two prizes of £25,000 and five prizes of £10,000.

Members are automatically entered if they are a Nationwide member with a mortgage, personal savings or current account with the Society, aged 18 and over, and live in Britain.

Virgin Money has also launched a new prize draw, offering new and existing current account customers the chance to become a Virgin Points millionaire.

Each month between May and September, one customer will win one million Virgin Points – enough perhaps for a safari or a stay at a luxury hotel.

A further 25 customers will also win a 12-bottle case of Virgin Wines worth £150 in every prize draw. To enter, customers should log in to their Virgin Money mobile banking app, and click on “exclusive rewards”.

Virgin says they’ll also need to log in to their mobile app and make at least one transaction each month from May to September to be eligible for each prize draw.

In general, it’s wise to make sure any account is suitable for your needs overall rather than just focusing on the hope of a possible win.

Brain adds: “Any extra cash right now could be a welcome benefit for people, just make sure you read any terms and conditions associated with any such incentives, to ensure you are eligible.”

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