Halifax Saver Prize Draw - is it worth it?

londonman81

I'm thinking of putting 5k into a Halifax Online Saver account (2.80%) in order to qualify for the Savers Prize Draw.

However, I'm trying to get some sense of what my chances of winning are.

Has anyone got some idea of how many people are in this draw?

Or maybe some way of estimating this number from the criteria required i.e how many savings account holders are there with more than 5k, how many of those have actually registered etc etc.

Any opinions on this draw?

brewerdave

Back in February there were over 600,000 people registered,probably more now, so you can see that the odds of a win aren't very good!!! I wouldn't open an account to join it unless it was paying the best available interest rate - I'm only in it cos I already had a fixed 4% ISA - I'll move it next April when it matures unless they come up with a killer deal to roll it over.

opinions4u

Assuming there are 1 million people in the draw and 1,103 prizes a month that's 13,236 prizes a year.

If I've done my maths right that's a 1 in 75 chance of winning a prize each year.

Assuming you have a £5k balance the minimum prize of £100 is worth 2% net interest. Using the 1 in 75 stat that is roughly the same as an extra 0.033% gross interest.

So for £5k I'd say it's a better bet rate wise than a similar account paying 2.83%.

It's not a deal maker for me. The mix of rate, service and online convenience is what I like about Online Saver.

MoneySaverLog

I was debating whether to move £5k into Halifax online saver or leave in LTSB vantage for this prize draw.

Think I'll leave it where it is given the above.

innovate

If you can afford to get a little less interest on your £5K than the best you can get in the market, and if you fancy the gamble, why not.

I do fall into the above category but have withdrawn all my savings from Halifax for now. In 8 months I didn't win a bean on £80K+. Mind you, this might very well have been down to me not being registered since I never got any confirmation that my registration was successful, and to the best of my knowledge, there's no way you can check anywhere whether you are registered or not.

If Halifax bring out a market-leading savings account again, I might go back - regardless of their Prize Draw.

2010

innovate wrote: »

If Halifax bring out a market-leading savings account again,--

Also look for the pigs flying by.

The only thing I have left with the Halifax savings wise is one cash ISA, which qualifies me for their monthly draw.

I have seen posts on here where the odd £100 have been won but nothing major.

opinions4u

innovate wrote: »

If Halifax bring out a market-leading savings account again, I might go back - regardless of their Prize Draw.

2010 wrote: »

Also look for the pigs flying by.

Their three year FRISA looks strong in a falling market. Don't think there's anything better than that.

Watch those rashers swoop overhead in formation!

I think the four year is also best buy. The five year isn't a million miles off either.

The only thing I have left with the Halifax savings wise is one cash ISA, which qualifies me for their monthly draw.

I have seen posts on here where the odd £100 have been won but nothing major.

The £100k and £1k winners are fewer in number. Do you expect them to rush to MSE's forum every time?

notrouble

Not worth it - it's a bonus if you want to save with them anyway, otherwise....

2010

Their online saver is paying 2.8%, made up of a 2.7% bonus, for a year.
Don`t expect this rate to last much longer.

ANGLICANPAT

londonman81 wrote: »

I'm thinking of putting 5k into a Halifax Online Saver account (2.80%) in order to qualify for the Savers Prize Draw.

However, I'm trying to get some sense of what my chances of winning are.

Has anyone got some idea of how many people are in this draw?

Or maybe some way of estimating this number from the criteria required i.e how many savings account holders are there with more than 5k, how many of those have actually registered etc etc.

Any opinions on this draw?

I dont think it matters how much you have in over the £5k, but four in my family have all had confirmation of registering, from the beginning, and no-one has won a dickie bird. We will stay till our bonds mature at Xmas , but short of 'best rates' being offered we're off to chase best returns . If youre luck is in, youll win and if its out you wont .

opinions4u

2010 wrote: »

Their online saver is paying 2.8%, made up of a 2.7% bonus, for a year.
Don`t expect this rate to last much longer.

It's been that rate for 4 days short of a year.

What makes you think they'll change it?

Just opened a new one with £1 on my app thing. Just in case you're right .