Coventry Building Society has launched a new savings account that rewards those who regularly put money away with the chance to win £5,000.
The building society has launched what it calls a ‘sunny day’ regular saver account which enters savers into a prize draw.
It is pitting itself against NS&I’s popular Premium Bonds, but unlike that account it also pays savers interest on their deposits.
Joanne Forsyth, branch manager at Coventry Building Society’s Oxford Branch, says: ‘Unlike Premium Bonds, which rely purely on luck where the odds are stacked against you, Sunny Day Saver gives people the best of both worlds – a chance to win monthly cash prizes and earn interest on their savings.’
However, while Premium Bonds accounts don’t pay interest, they do offer some much larger prizes of up to £1million. They are also tax-free.
With Coventry’s account, there are 10 cash prizes to be won each month, and savers could potentially win £5,000 if they put money in the account for 11 months in a row.
In it to win it? Coventry Building Society has launched a regular saver account that comes with a monthly prize draw
The interest rate on the account is 4.3 per cent and savers can funnel up to £150 a month into it.
The account will be available to open for a limited time in September and can be opened with a deposit starting from £1.
A saver stashing the maximum £150 a month in the regular saver would have £1,841.93 after 12 months including interest and would have earned £57.90 in interest.
Regular savings accounts can be a useful tool for savers to start a savings habit or put some money aside for an event or expensive time of year such as a holiday or Christmas.
They allow savers to tuck away little and often and be rewarded with higher interest rates.
How much could savers win?
There’s no requirement to save in Coventry’s regular saver every month, but for each month savers put at least £10 in the account, they will qualify for a prize draw to win one of 10 cash prizes of up to £500.
There will be 11 prize draws held from October 2025 to August 2026. Each monthly prize draw will have one prize of £500, three prizes of £200 and six prizes of £50.
A prize draw will take place on 17 October 2025 and then within the second week of each month until the month of August 2026.
Savers who consistently save each month for 11 months will qualify for a bonus prize draw of up to £5,000.
This additional prize draw will take place on 14 August 2026 and will have one prize of £5,000, one prize of £2,500, two prizes of £500 and one prize of £250.
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