Finance: Expert on impact of inflation on savings accounts
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Halifax continues to cement its place as a popular provider, but aside from its savings accounts, it also has a prize draw which people may be interested in entering to boost their money. The bank has broken down the prize opportunities Britons may be able to secure to help them gain further understanding of the draw process and what they could win. Every month, the provider will select three savers in total to win the top prize which is worth £100,000, and others will also have a chance to secure lower value prizes as well.
Some 100 people can expect a prize winning of £1,000 from Halifax, and 1,500 lucky individuals will be able to secure £100 from the draw.
In total, the bank says they have created over 105,000 winners through the draw, paying out over £57million prizes to their customers, showing it “pays to save with Halifax”.
The Halifax Savers Prize draw is free for Britons to enter, and the bank describes the signing up process for the draw as one which is quick and easy.
All people will need to do is to register once through the Halifax Prize Draw Hub in online banking in order to be eligible for subsequent prize draws which take place by the bank.
If a person holds £5,000 or more in their qualifying savings accounts for at least the whole calendar month before each draw, and meets all qualifying conditions, they will be added to the prize draw.
It is worth noting that all prize winners in the Halifax draw are selected by the provider at random, and the bank will then let individual know if their name is subsequently chosen.
At present, when it comes to the prize draw there is no set closing date, however, the draws might end at any time – usually with at least two months’ notice given to individuals.
With this prize draw, it is free to enter, which means individuals can register and take part without costs, an opportunity Halifax has described as “rewarding” Britons for their savings.
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However, Halifax has said certain individuals may not be eligible for the prize draw, which is important to check in order to avoid being disappointed.
Halifax does not count money in savings accounts which are held for children, businesses, organisations or charities, but people can find out more through the bank’s official website.
When it comes to joint accounts, these can qualify for the Halifax Prize Draw, but if both people wish to enter, each of them will be required by the bank to register separately.
Money in any joint accounts is split equally down the middle when Halifax takes the steps to consider a person’s total savings balance when deciding eligibility.
Many individuals will wish to know what their odds are when it comes to winning, however, this is something which is subject to changes each month.
It is all dependent on how many entries Halifax receives for that month, but the bank gives away some 1,603 prizes in the Savers Prize Draw in a normal month.
Those who are lucky enough to win can expect their prize to be paid directly into their Halifax or Bank of Scotland account within three working days of a prize being confirmed.
People should know that in some cases they may be required to visit a branch in order to confirm their personal details and subsequently collect their prize winnings.
However, there are also rules and regulations which need to be considered when it comes to registering for the prize draw in the first place.
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Individuals will need to be aged 18 or over in order to apply, as well as living in England, Wales or Scotland – but Northern Ireland is unfortunately ineligible, the bank explained, due to different laws applying here, and indeed in other jurisdictions.
Halifax is not the only prize draw Britons can enter, although there are different rules to consider when looking at other competitions made available through alternative providers.
Nationwide also has a prize draw, which enters members in for 12 months, a prospect likely to attract large numbers of savers hoping to benefit from prizes, and NS&I is well-known for its historic Premium Bonds process which creates two lucky millionaires, alongside a whole host of other high value prize winners each month.
However, Moneyfacts recently provided insight into prize draws for savers, and whether they are actually worth pursuing in the first place, with its reporter Derin Clark, adding: “Although savings accounts that offer a prize draw can be tempting for savers, especially at a time when interest rates remain low, savers should remember that their chances of winning a prize is solely down to luck and the interest on many of these accounts are lower than the top rates available in the charts.
“As such, savers may be better off choosing a savings account that offers a higher rate. Alternatively, long term savers who are willing to take a riskier option with the possibility of earning a better return on investment could consider putting their money into an investment.
“All investments come with an element of risk and can result in the investor not making any returns of their investment, as well as the possibility of losing their initial deposit as well.”
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