Excite

Rivals in bondage

Halifax is launching a new monthly prize draw, and hopes to take on National Savings' Premium Bonds in the process.

The bank will, every month, award up to £100,000 to savers that are selected at random. Savers need to be over 18 years of age, and have savings of over £5,000 with Halifax or the Bank of Scotland.

Halifax's director of savings Simon Kenyon said: 'This prize draw is designed to shake up the savings market and reignite a savings culture. Such schemes have proved highly popular in the US, Australia and New Zealand, and we think it will prove attractive to UK savers.

'We know that our customers work hard to achieve their savings goals and this is a great way of rewarding that commitment. Savers can be sure they can continue to earn interest on their funds in addition to the opportunity to win a cash prize in the monthly draw.'

Halifax aims to give away a total of £6m a year, with each month handing out three £100,000 cash prizes, 100 prizes worth £1,000 and 1,000 prizes of £100.

While saving groups have welcomed the new initiative, they say that more should be done, and have called for the Government to increase the tax-free Isa limits, or to abolish tax on savings.

United Kingdom - Excite Network Copyright ©1995 - 2021