Wednesday, 21 September 2011

Halifax Launches Premium Bonds Rival

THE DAILY TELEGRAPH: Halifax, Britain's biggest savings bank, is taking on National Savings' Premium Bonds – the nation's favourite savings product – with the launch of a new monthly prize draw.

Every month the bank will award cash prizes of up to £100,000 to randomly selected savers. To qualify, customers must be aged over 18 and have at least £5,000 in savings with Halifax or Bank of Scotland, although this sum does not all have to be in the same account.

The odds of winning a prize are expected to be higher than with Premium Bonds, where each £100 holding has a 240 to 1 chance of scooping a prize each month. However, unlike with Premium Bonds, savers who don't win will still receive interest as normal on their accounts.

Halifax will give away three £100,000 cash prizes each month, 100 prizes worth £1,000 and 1,000 prizes at £100 – a total of £6m a year. Read on and comment » | Emma Simon | Wednesday, September 21, 2011