Halifax to announce the chance for borrowers to take part in a one-off £1m prize draw
Halifax will announce tomorrow the chance for borrowers to take part in a one-off £1 million prize draw.
The launch follows the success of the provider’s longstanding draw for savers – held monthly for the last seven years – that has so far paid out total cash prizes of more than £65 million to 95,000 savers.
Anyone taking out a Halifax mortgage between tomorrow and the end of the year can register for the new draw which will be held next April. Three winners will have their mortgage paid off up to a maximum £300,000 while 100 runners- up will receive £1,000.
Eyes on the prize: The launch follows the success of the Halifax’s longstanding draw for savers
Customers must be a homebuyer, remortgaging to the bank or an existing customer changing those named on the mortgage. The loan must be completed by the end of March next year.
Savers with Halifax and sister brand Bank of Scotland who want to take part in the monthly savings draw need to have a minimum £5,000 balance. They must also register for the chance to win one of three prizes of £100,000, a hundred of £1,000 and 1,500 of £100.
Family Building Society also runs a monthly draw for customers holding one of its £10,000 ‘windfall’ savings bonds. There is a 64-to-one chance of winning a prize over the course of a year, but the account pays just 0.75 per cent annual interest. There are ten monthly prizes worth £1,000, two of £10,000 and one of £50,000.
Football fans holding a Manchester United Double Take E-Saver account managed by Virgin Money can win prizes such as hospitality tickets and signed shirts. The account earns 1.3 per cent, with an Isa version paying 1.35 per cent.
Charlotte Nelson, of savings scrutineer Moneyfacts, warns: ‘The prospect of winning a large cash prize can be appealing but often the deals behind them are uncompetitive.’