The Best Savings Rates This Week 24 09 21 moneyfacts.co.uk - get the latest breaking news, showbiz & celebrity photos, sport news & rumours, viral videos and top stories from moneyfacts.co.uk Daily Mail and Mail on Sunday newspapers.
Nationwide is paying out 8,008 prizes worth a collective £1m in September
Savers have until the last day of August to open an account and enter
It is open to customers who hold a current or savings account or mortgage
There is a 1,773 to 1 chance of winning £100 or more - but is it a feel good way for it to get away with paying loyal savers low rates?
Fed-up savers may test their luck in prize draws with rates so low
By Kevin Peachey
Published
image copyrightGetty Images
Savers facing paltry rates of return may be tempted to test their luck in prize draws but could miss out on better deals, analysts say.
The Nationwide Building Society has announced it is to launch a prize draw for its members in England, Wales and Scotland from September.
The UK s largest building society is pitting itself against rival, the Halifax, as well as Premium Bonds.
But analysts at Moneyfacts say savers should not forget to shop around. It would not be too unsurprising to see savers turn to a prize draw to test their luck in a low interest rate environment, however, there is no guarantee of winning a prize, said Rachel Springall, from the financial information service.
How to enter Nationwide s new £1m prize draw with just £1 thisismoney.co.uk - get the latest breaking news, showbiz & celebrity photos, sport news & rumours, viral videos and top stories from thisismoney.co.uk Daily Mail and Mail on Sunday newspapers.