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MT Week - New savings accounts with prize draws

MT Week - New savings accounts with prize draws

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Qin Xie
Jan 23, 2022
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Money Talk
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MT Week - New savings accounts with prize draws
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Are you feeling lucky? Because January has brought with it some new prize draws linked to savings accounts.

There’s no spending involved, or effort really - all you have to do is put some money into the bank 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.

Given that interest rates are still so low - certainly no savings products are beating inflation right now - an account with a bonus prize draw might just sweeten the deal for savers.

They also have the benefit of being fairly accessible - unlike investment products, which are prone to fluctuation - which is ideal for an emergency fund.

One thing to note: the chances of winning are pretty small so make sure you shop around for the best interest rates as well.

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