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Nationwide customers can put away money regularly and they will be entered into a £250 prize draw. The first prize took place on February 21, with a total prize fund of £229,250 given out.
Some 917 Nationwide customers were awarded the £250 prize which hit their Start to Save accounts from March 1.
Almost 32,000 savers qualified for the prize draw as they saved between £25 and £50 in each of the six months between August 2022 and January 2023.
This means there was a one in 34 chance of a person winning the £250 in the first prize draw.
More than 10,000 Nationwide savers who previously had less than £100 in savings with the building society have now increased their savings after setting up an account.
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Individuals won’t be entered into the prize draw if they increase their balance by less than £25, or more than £50, in one or more of the six months leading up to a prize draw.
Any interest and prize draw winnings added to one’s account will not count towards their minimum £25 balance increase.
It should be noted that people will need to pay into the account within the first 28 days or Nationwide will close it.
The next two prize draws will take place on August 22, 2023, and February 20, 2024.
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If someone opens their account with less than six months to go before the next prize draw, they’ll only be able to enter the draw after that.
Nationwide will inform savers if they have won by email or post.
They will pay the £250 into their Start to Save Issue 2 account within 30 days of the draw. This means the account will still need to be open for them to pay into.
To be eligible to open an account, a person must be aged 16 or over, a UK resident and be registered for the Internet Bank and have a valid email address.
They will need to be able to open and manage the account online and have another account in their name, that can be used to receive transfers from the account.
After the 24 months end, the funds from the account will be moved to an instant access savings account with a lower interest rate.
Tom Riley, Nationwide’s Director of Banking and Savings, said: “We set up Start to Save to help encourage those who hadn’t really saved before to get into the savings habit.
“Offering an attractive rate, with the potential to win money has really resonated with our members and encouraged them to put money aside each month.”
