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Prizes for saving

Halifax is giving its savers the chance to win £100,000 by initiating a £100,000 monthly draw.

It’s a new, Premium Bond-style draw where more than a thousand savers will win tax-free cash prizes every month.

It doesn’t apply to everyone though. Savers must be 18 or over, and have at least £5,000 in their accounts, and register for the draw. Quite a few hoops then!

Simon Rose of Save our Savers said: ‘Given the lottery-obsessed 'I want it now' attitude of so many Britons, entering savers into a monthly draw should prove a hit. But savers should ensure they aren't sacrificing too much on interest rates just to gamble on winning a prize. Halifax has millions of savers, so the chances of winning will be small.’

Ros Altmann, the director general of Saga, was decidedly less sniffy about what she called an ‘excellent idea’ that would encourage people to squirrel away their earnings.

‘The lottery and Premium Bonds have proved hugely popular. Why not harness this to get people saving again?’ Simon Kenyon, at the Halifax, said: ‘This prize draw is designed to shake up the savings market and reignite a savings culture. We know that our customers work hard to achieve their savings goals and think that this is a great way of rewarding that commitment.’

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