A NEW bank account is offering savers a monthly prize draw where you can win up to £5,000.
Coventry Building Society has just launched the Sunny Day Saver 3, which is a regular savings account lasting 12 months.
That means you can save up to £150 each month in exchange for a competitive interest rate of 5%.
But unlike other regular savers, you get a chance to win cash prizes every month.
As long as you add at least £10 to your account each month, you’ll be entered into the draw.
There are 10 cash prizes worth up to £500 each month.
Read more on banking
BILLS BOOST
Brits can get money back on bills and restaurant spending with new bank offer
QUIDS IN
Best bank switching offers that pay you up to £240 in CASH
One lucky winner will get £500, three people will get £200 and there’s another six prizes worth £50.
If you pay into the account for all 11 months, you’ll be entered into a bonus draw to win a top prize of up to £5,000.
There is one prize of £5,000, another prize of £2,500, two worth £500 and another of £250.
You don’t need to pay into the account every single month, but it means you won’t be entered into the draw.
Most read in Money
JOBS BOOST
John Lewis hiring 10,400 festive workers paying up to £14.80 an hour
XMAS CHOC CRISIS
Fury as Heroes, Roses AND Celebrations tubs slashed in size as prices soar
BEACH BULLDOZE
Beachfront home sold for £5.3m in posh seaside town… but will be demolished
TAX FEARS
All the taxes most likely to go up in the Budget – how to protect YOUR money
Savers can open the account with just £1.
Make sure you apply soon though, as the account is only available for a limited time in September.
It’s not clear when Coventry Building Society will stop offering the account.
Mike Mendham, head of savings at Coventry Building Society, said: “Unlike Premium Bonds, where returns depend entirely on winning a prize, Sunny Day Saver offers the reassurance of earning interest on your savings while also providing the chance to win monthly cash prizes.
“For those who save regularly each month, there’s the added benefit of being entered into a larger prize draw.
“It gives savers the best of both worlds: the opportunity to be rewarded through prizes, alongside the confidence that their money is growing over time, whether they win or not.”
The building society says the account is aimed at helping people save for life’s memorable moments or “sunny days”.
Which other regular savers are worth considering?
Regular savers are often praised by money experts as they encourage people to contribute to their savings each month.
They can be a great way of building up an emergency savings pot – and they often offer the best interest rates on the market.
The top-paying regular savers right now offer interest rates of 8% – which is much higher than easy-access accounts.
Lloyds Bank has an 8% regular saver fixed for a year, which lets you put in £250 a month.
If you maxed this out, you’d earn £120 a year in interest.
Santander is also offering 8% but this is a variable rate, meaning it could go up or down.
You can put in up to £200 a month, which would give you £104 a year in interest if maxed out.
RECOMMENDED STORIES
First Direct has a slightly lower interest rate at 7% fixed for one year, but you can put in higher monthly deposits of up to £300.
That would give you £135 a year in interest if you maxed this out.