Savers stand to win £1,500 every month: Are you eligible for this lottery savings account?

Martin Lewis gives updated advice on premium bonds

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The Make Me A Saver account acts as an easy access account but also offers a monthly prize draw for 10 account holders to win £1,500 each. The account offers unlimited withdrawals and savers can deposit up to £150 into their account every calendar month.

The Make Me A Saver account combines unique elements of instant access accounts, regular saver accounts and Premium Bonds.

Savers are able to withdraw and access their funds as many times as they need without any penalties but have a monthly cap on how much they can add to their savings of £150.

However, YBS aims to encourage savers to save regularly with this account in order to be eligible for the monthly prize draw.

Savers have to add between £50 and £150 into their account in a calendar month to qualify for the following month’s prize draw.

Chris Irwin, director of savings at Yorkshire Building Society shared: “Now more than ever, with current and potential future economic uncertainty, it’s important for people to try and build their financial resilience where they can and for us as a Society to help people to save.

“We want to continue to help people establish a healthy savings pot and improve their financial wellbeing and are trying to promote a save-first culture to help people put aside money that will help build a nest egg.”

Every month, 10 lucky winners will receive £1,500 each through the YBS prize draw.

Individual savers can enter in up to 11 monthly prize draws, with the very first one taking place on March 3, 2022 and the penultimate draw being made on January 3, 2023.

The monthly draw is scheduled for the third of each month however this will be the next working day if this falls on a weekend or Bank Holiday

The prize draw operates similarly to that of Premium Bonds in the sense that all eligible accounts will be entered and winners chosen at random through an automated computer process.

However, unlike the NS&I product, Make Me A Saver also provides interest.

Premium Bonds offer monthly draws that see millions winning amounts between £1million and £25.

The price tag for these jackpot offerings is the fact that these Bonds offer no interest on savings.

The Make Me A Saver account is offering a market leading one percent interest rate on this account, paid annually.

Savers are cautioned to note that they will not be entered into a prize draw in the same calendar month in which they open the account.

Make Me A Saver accounts can also only be opened by going into a local YBS branch or agency, calling them or requesting an application pack from them.

These accounts cannot be opened in trust for another person.

Savers found with more than one account open in their name will have the most recent one transferred to the YBS Easy Saver Issue four account.

To be eligible for the Make Me A Saver account and prize draw one must be:

  • Over the age of 16
  • Living in England, Scotland or Wales
  • Not an employee of YBS
  • Only have one Make Me A Saver account open in their name at any time.

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