Nationwide offers £1million prize draw – could you be in with a chance to win?

Martin Lewis discusses UK regulated savings accounts

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Nationwide is one of the most familiar names on the high street, with the building society helping millions of people. It offers a range of savings products, including its ever-popular FlexDirect account, for Britons to benefit from. But savers with the provider could also benefit from a new monthly prize draw.

This new offering could provide individuals with a chance to strike it lucky and boost their account. 

The building society’s prize draw has only just launched, but could provide fantastic opportunities amid ongoing low interest rates.

The prize draw is Nationwide’s way of rewarding individuals for being a member.

As such, it will only be open to members of Nationwide – those with at least one Nationwide mortgage, savings or current account.

These people must be 18 or over and resident in England, Scotland or Wales.

Nationwide customers can expect to be entered into the member prize draw every month, automatically.

This will happen for the next 12 months, with the first draw taking place in September.

The building society has stated the prize pot is split each month into 8,008 separate prizes, providing many opportunities to win.

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Every month, it will give away one prize of £100,000, alongside two prizes of £25,000.

There will be five prizes of £10,000 offered, with a final 8,000 prizes of £100 up for grabs.

Prizes in the Nationwide draw are selected on the second Tuesday of each month.

Then individuals can expect to hear from Nationwide in due course if they have won a prize.

They will have 21 days before the payment is made to decide whether they wish to accept the money.

The payment is made directly into a person’s Nationwide savings or current account, or by cheque.

Recently commenting on the launch of the prize draw was Louise Prior, Nationwide’s Director of Membership Propositions.

She said: “Our members are used to sharing in the benefits of mutuality through better service and with preferential rates, such as those offered on our Member Exclusive Fixed Rate ISA and Mutual Reward Bond. 

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“The launch of our Member Prize Draw is another example to show why it’s worthwhile being a member of Nationwide Building Society. It is about giving even more back to our members on top of the benefits we already offer.

“We believe it’s important that lots of members can benefit from the Member Prize Draw, which is why we are giving more than 8,000 members the chance to share in a prize pot of £1million each month. 

“And what’s more, members don’t need to do anything to take part – as long as they have at least one of our mortgages, savings accounts or current accounts then they are automatically entered.”

There is, however, an option to opt-out which is to be contained on Nationwide’s website for those who do not wish to take part. 

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