MT Week - Ever considered a savings account with a prize draw?

A savings account with a high interest rate will always appeal to savers but for some people, a savings account with a prize draw might work even better.

The premise is simple: you deposit some money into the prize draw savings account, which may or may not earn you interest.

But what you do get is an entry into a prize draw - a lottery basically - to win a tax-free lump sum.

There’s no extra spending involved, or effort really, and you could win as much as £1million in cash.

For once, it’s not too good to be true.

Freakonomics Radio actually did a really interesting podcast on how it all works. It’s in a US context, but was inspired by NS&I’s Premium Bonds.

But are prize draw savings accounts worth it? And what are the actual odds of winning?

Here's what you need to know.