Halifax savers prize draw shakes up high street savings

Thursday, 22 September 2011 09:28

Halifax has launched a new prize draw for savers with balances of £5,000 or more.

Cash prizes in the monthly scheme range from £100 to £100,000 and are paid in addition to the interest already being added to the individual's savings account.

The Halifax Savers Prize Draw launches on October 3rd, with the inaugural gongs set to be handed out in December.

Simon Kenyon, director of savings, said the draw "is designed to shake up the savings market and reignite a savings culture".

Kevin Mountford, head of banking at price comparison site MoneySupermarket.com, said any initiative that helps savers earn more in an era of low interest rates was welcome, but stressed the importance of thorough research.

"It remains clear that most savers are earning very low rates at present and yet there are many providers offering at least six times more than the current base rate. So savers need to make sure they are regularly checking their rates and switch accounts if their money isn't working hard enough for them," he added.

Use the Myfinances.co.uk comparison tables to find the best deal on a new savings account

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