Barclays CEO forecasts 'spectacular' UK economy recovery
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Within the prize draw competition, intended to support customers as they work hard to invest for their future, there are 13 cash prizes to be won this summer. Among them includes a grand prize of £10,000.
There are also two prizes of £5,000 up for grabs.
Meanwhile, there are ten £1,000 cash prizes to be won.
Eligible customers will automatically be entered into the prize draw, Barclays Smart Investor said.
They will receive one entry for every £500 of net cash – as in total cash paid into their account, minus any withdrawals – between June 28 and September 27, 2021, Barclays said.
The cash only needs to be paid in to the account, rather than invested.
Furthermore, the draw is only open to customers with an ISA or General Investment Account, who are over 18 and a UK resident.
Clare Francis, Director of Savings & Investments at Barclays, said: “Our research has shown that more than 80 percent of those who invested for the first time under lockdown plan to keep up their investment habits – and so we’ve launched this prize draw to support those who are working hard to invest for their future.
“Remember, investing does come with a level of risk and should be seen as part of a long-term savings strategy rather than a quick win.
“Over the longer term, investing will hopefully give you better returns than if you kept all your money in a cash savings account.
“However, stock markets can fall as well as rise, so we recommend that you always have some money in cash for your short-term needs, try and invest for at least five years, and diversify your portfolio by spreading your money between different assets, such as shares and bonds, geographies and sectors.”
Money paid into SIPP accounts and transfers from other platforms won’t be eligible for the prize draw.
Winners will be drawn at random by an independent party.
Those who do win will be notified by email or telephone by October 16, 2021.
Customers should note they can only win a maximum of one prize.
Furthermore, they must have a valid, nominated bank account linked to their Smart Investor account, in order for their entry to be counted.
With the investment account, the usual account fees will still apply.
The investment platform Freetrade has today published an analysis of how investors approached the first three months of this tax year.
The findings show ISA subscriptions have risen significantly year-on-year – by 244 percent.
A substantial amount is being invested by customers, the analysis shows, with one in 10 (six percent) having reached their allowance.
“The evidence continues to refute the idea of investing as a ‘lockdown fad’, said Adam Dodds, CEO of Freetrade.
“Our recent research showed that new investors, rather than simply being bored during lockdown or looking to make a quick buck, have become genuinely interested in investing and planned to make it a regular habit, even after we emerged from the pandemic.
“The interest in long-term vehicles and significant amounts already committed support that.”
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