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Nationwide Building Society launches new £1m monthly prize draw for customers

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Millions of Nationwide Building Society customers will have the chance to win up to £100,000 in a new monthly prize draw, without having to do anything to take part.

Those eligible will be automatically entered for the chance to win a share of a total £1 million per month prize pot.

Britain’s biggest building society said people will be rewarded just for being one of its members.

They will have 8,008 chances to win each month, with a top prize of £100,000, two £25,000 prizes, five £10,000 prizes and 8,000 opportunities to win £100.

The initiative will run for 12 months, with the first prize draw taking place in September.

After the 12-month period is up, more than 95,000 prizes of at least £100 will have potentially been handed out to Nationwide’s customers.

To be in with a chance to win, members need to be aged 18-plus and have a mortgage, savings or current account with the mutual.

Business savings accounts are excluded, as are mortgages via the Mortgage Works, a subsidiary of Nationwide.

Nationwide has around 14.2 million members eligible for its first member prize draw – putting the odds of winning a prize at around one in 1,750.

It said the odds will change month on month, depending on the final number of members eligible for entry.

Entries will be on a “per customer” basis, regardless of the amount of products they have with Nationwide. Longstanding customers with older or dormant accounts will also be automatically entered, as well as newer customers.

Louise Prior, Nationwide’s director of membership propositions, said: “We believe it’s important that lots of members can benefit from the member prize draw, which is why we are giving more than 8,000 members the chance to share in a prize pot of £1 million each month.

“And what’s more, members don’t need to do anything to take part – as long as they have at least one of our mortgages, savings accounts or current accounts then they are automatically entered.”

People can decide to opt out of the prize draw, which can be done online, in branch or over the phone.

Nationwide said the launch builds on the success of its savings-focused prize draws over the past year and the concept has proved popular in research with customers.

The society said it will continue to listen to member feedback during the 12 months.

The prize draws will take place on the second Tuesday of every month, with the first one taking place on Tuesday September 14.

Prizes will be paid out either through transfer to a Nationwide current or savings account or by cheque, typically within four weeks.

Nationwide’s member prize draw is only available to eligible members in England, Scotland and Wales.

The society said the prize draw will not be open to members in Northern Ireland due to the way prize draws are regulated there. But it said it will be giving something back to communities across Northern Ireland, with a fund of more than £300,000 to be shared among local charities.