HALIFAX is stopping its popular Savers Prize Draw – which gives customers the chance to win up to £100,000 every month.
The competition has been a key perk for savers since it launched in 2011, but the final draw is to take place in September this year.
Each month there are three prizes of £100,000, 100 prizes of £1,000 and 1,500 of £100.
To be in with a chance, you have to keep £5,000 or more in a qualifying account for a month, and be registered to take part.
There has also sometimes been a “superdraw” with a much higher top prize, including one of £500,000.
Halifax customers were today told the draw would be closing in a message sent out on the bank’s messaging service.
It said: “Our Savers Prize Draw is coming to an end. Before it closes, you’ll automatically be entered into the remaining prize draws if you qualify.
“We’ll let winners know within one month of the draw taking place, so it’s a good idea to make sure your contact details are up to date.”
A spokesperson for Lloyds Banking Group told The Sun: “Our customers’ expectations continue to change, and we are taking the opportunity to look at how we can reward customers in different ways in the future.
“Our Savers’ prize draw has made a huge difference to thousands of customers, with over £100million awarded since our first draw in 2011”
The draw was popular because it gave people the chance of winning big money without the risk of losing anything, although the odds were unclear.
It also meant missing out on savings accounts run by other banks with higher interest rates.
If you like the idea of being in with a chance of winning a decent cash prize, without buying tickets, an alternative is buying Premium Bonds, which work in a similar way.
Every £1 saved into Premium Bonds has a one in 22,000 chance of winning something, with the maximum prize being £1million every month.
WHAT BANKS OFFER SIMILAR SERVICE
There are plenty of other banks which offer similar services for customers.
For example, the Association of British Credit Unions runs a PrizeSaver draw for customers.
Credit unions are not-for-profit organisations offering local people or selected industries loans and savings accounts.
You can take part if you’re a member of a credit union linked to the scheme.
Find out more about participating unions at prizesaver.co.uk.
You only need £1 to enter the draw and balances are capped at £200.
Elsehwere, Kent Reliance runs a monthly prize draw for customers with savings of £100 or more, or with a mortgage account balance of £1,000 or more.
It is one entry per person.
If a joint account, then the first named account holder will be entered into the draw.
How to check if you've won
IF you think you might have an unclaimed prize, the best way to check depends on what info you have about your Premium Bond account.
You’ll have been given both a Premium Bond holder’s number and a National Savings and Investments number.
- If you know your Premium Bond holder’s number, you can go to the NS&I website or download its prize checker app. Enter your holder’s number and it’ll tell you if you’ve any unclaimed prizes.
- If you don’t know your holder’s number, but have your NS&I number, you can use that number – which you’ll find on any letters from NS&I – as well as your surname and password to log in to NS&I online and find your holder’s number on the “account details” page. NS&I’s prize checker app also accepts your NS&I number.
- If you don’t know your holder’s number or account number, you can phone NS&I on 08085 007 007 or write to it and ask for a replacement bond record to be sent to you. You should give as much detail as you can, for example your full name, address details, when and where you bought your Premium Bonds and how much they’re worth.
- Alternatively, you can use NS&I’s tracing service or the My Lost Account website, both of which can track down your Premium Bond details. They ask you to fill out info about yourself including your name, address, an estimate of how many Premium Bonds you hold and how long you’ve held them.
- If you find you do have an unclaimed prize, you’ll need to write to NS&I at: NS&I, Sunderland SR43 2SB. Give as much information as you can, including your name and any information about your Premium Bonds.
- Prizes will then be sent to your home address as a warrant, which is like a cheque. Unfortunately, you can’t have unclaimed prizes paid directly into your bank account.
- The process is slightly different if the Bond holder has died – you’d first need to inform NS&I of the death and then follow the steps above. Any prize money will be paid to whoever inherits the Bond holder’s estate.
