What is Nationwide’s Start to Save account?
An incredibly simple savings account in which you put away an amount between £50 – £100 for 3 months leading up to a prize draw for a chance to win £100.
As well as the chance to win £100 in the prize draw the account provides interest of 1%.
Further details:
- The interest rate is currently 1% and is worked out on a daily basis. You will receive the interest on the anniversary of you opening your account
- The interest can change – can either increase or decrease
- The amount of prizes available depends upon the amount of people who have entered the draw – the more people who save = the bigger the prize pot
- £50 is the minimum you can pay in each month whilst £100 is the maximum amount you can pay in every month. If you pay less than £50 or more than £100 you will not be entered into the prize draw
- You can withdrawal the money whenever you like, however you will need to make sure the minimum amount is paid back in order to qualify for the next prize draw
- The draws currently take place every 3 months – January, April, July and October
Chances of winning
Your chances of winning the £100 Start to Save prize draw depends upon the amount of people who have deposited £50 – £100 into their account in the three months leading up to the draw. However, according to the Nationwide website your chance of winning varies between 1/34 and 1/67.
My Opinion
I would compare this account to Premium Bonds – which I am not the greatest fan off. Even if I do not end up winning £100 I know that my money is benefiting from a (measly) 1% of interest, you do not get any interest on your money sitting in Premium Bonds.
My top tip is to set up a monthly standing order so the money is transferred automatically into the Start to Save account.
Whilst I still have not “won” the prize draw yet – it’s only £100 being put aside every month which I’m totally fine with. If you are unable to put away £100 on a monthly basis, you can put away £50 and still be in a chance of winning.
I would recommend this product to those who are able to put away at least £50 every month – it makes much more sense than this money sitting in a current account. For those who are new into the idea of saving a sum of money aside on a regular basis this account will provide a great place to start! Finally it is a really easy to use account, with a simple concept and if you set up automatic payments – you really do not need to worry about it.