The building society is giving away £500,000 in cash prizes
Nationwide is launching an Isa prize draw, giving savers the opportunity to win up £20,000 – the equivalent of the annual Isa allowance.
The building society is giving away £500,000 in prizes. Savers will get 10 chances to win the top prize of £20,000, with a further 10 prizes of £10,000 and 40 prizes of £5,000.
All members have to do is increase their Nationwide Isa balance by £100 between 6 March and 30 April to enter.
The news comes after the launch of its Start to Save account which gives savers the chance to win cash prizes by putting away money regularly.
The draw is open to members in England, Scotland and Wales and will take place on 21 May 2020.
Members can qualify either by opening a new account or by topping up an existing account. This can be done with new Isa subscriptions or by transferring existing Isa balances from other providers.
Nationwide is also raising the rate of its the Triple Access Online Isa from 0.90% to 1.21%.
Anna Bowes, co-founder of Savings Champion, says: "The rates on even the best savings accounts are so low that potential savers are not as driven by the rates on offer. So, a competition or a prize draw is a good way to pique savers' interest.
“This latest initiative by Nationwide is likely to be popular, as although there are far fewer prizes up for grabs compared to their recent Start to Save account, they are much bigger. Many savers may think it’s worth earning slightly less interest than they could earn from the very best on the market, for the chance of winning up to £20,000.”
Andrew Hagger, personal finance expert at Moneycomms, says: “With 60 prizes up for grabs and a total prize fund of half a million pounds this move is likely to prove popular - particularly as you only need to deposit a maximum of £100 to qualify.
“The Nationwide Triple Access Online Isa rate is being increased to 1.21%. It's not market-leading but not too far off the pace and savers will probably put up with a lower rate in return for the chance to win between £5,000 and £20,000.
“Nationwide says the chances of winning based on last year’s activity is around 7,600 to one. Pretty slim, but many will still feel it's worth a punt.”