Article preview: With interest rates on cash at all-time lows, it can be tempting to try a different approach. Nationwide Building Society has announced a new prize draw for its members in England, Wales and Scotland, starting this September. Following a similar model to Premium Bonds from National Savings & Investments (NS&I), and in line with the prize draw offered by competitor Halifax, the Nationwide scheme is likely to tempt savers disappointed by paltry interest rates.
Interest rates are lousy, but prize draws could be worse
This 391-word blog post considers the news that Nationwide is introducing a monthly prize draw for its members and the revelation that most Premium Bond holders have failed to win a single prize since records began. Written on 26th May 2021.
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