You don’t have to sacrifice interest for the chance to win big!
The opportunity to win cash prizes is a draw for many savers, with over 20 million Premium Bondholders vying for National Savings & Investments’ £1 million jackpots each month. But, with over two-thirds of people holding these bonds having never won a single prize*, many are failing to see their money grow as it dwindles in the non-interest-bearing accounts.
Fortunately, there are a number of perhaps lesser-known alternatives to Premium Bonds for savers to consider – many of which not only offer the chance to win competitive cash rewards but pay interest too.
Win up to £100,000 with Halifax
“One of the biggest cash prizes is on offer with Halifax,” explained Rachel Springall, Finance Expert at Moneyfactscompare.co.uk. Each month, three lucky winners receive its £100,000 jackpot and many more pick up £100 and £1,000 cash prizes.
While its prize draw can be entered for free, you must be aged 18 or over, live in England, Wales or Scotland and hold £5,000 or more in a qualifying Halifax account for an entire calendar month to be eligible (excluding children, business and charity accounts).
Winners are selected at random, and any prizes paid directly into your Halifax or Bank of Scotland account.
That being said, there’s limited time left to take part in this competition which is slated to end in a couple of months’ time. “It will be disappointing news to consumers to see the final draws are scheduled for September 2025, but there are some alternatives to consider,” Springall reassured.
Family Building Society’s £50,000 jackpot
Savers who open a Windfall Bond from Family Building Society, for instance, will not only receive a variable interest rate of 3.25% AER but will also be in with a chance of winning between £100 and £50,000 each month.
A considerable deposit of exactly £10,000 is needed to open this account and to be entered into the prize draw; you must also be aged 18 or over and have registered a nominated bank account.
Although multiple entries are allowed by opening more than one Windfall Bond, bear in mind the account doesn’t permit withdrawals and access to your cash can only be regained subject to 35 days’ notice and account closure.
Any interest accrued will be paid out yearly on 31 July, while cash prizes (depending on their size) will either be paid directly into your account or confirmed by a member of the building society’s Family Service Team.
Kent Reliance’s £1,000 monthly prize draw
Meanwhile, Kent Reliance customers over the age of 18 are automatically entered into a monthly prize draw for the chance to win £1,000, so long as they hold at least £100 in savings or have a mortgage account worth £1,000 or more. Joint accounts are also eligible – although only the first named account holder will be entered. Each person is usually only permitted one entry.
