Halifax Saver Prize Draw - is it worth it?

opinions4u

msauk wrote: »

To my knowledge, premium bond prizes are tax free. You do not need to tell HMRC about any winnings.

Halifax's savings prize draw terms and conditions do not state anything similar (or, at least, 'tax' is not mentioned). I assume therefore that a win (if one ever happens...) would be subject to tax. Anyone disagree?

Winnings from a prize draw of any sort are tax free.

If the draw is random, it's tax free. If you have to use skill and judgement there is a likelihood that tax will be due.

This Is Money refer to the Halifax draw as tax free.
http://www.thisismoney.co.uk/money/saving/article-2055640/Quarter-million-savers-flock-Halifax-prize-draw-rates-stuck-doldrums.html

Gromitt

msauk wrote: »

Halifax's savings prize draw terms and conditions do not state anything similar (or, at least, 'tax' is not mentioned). I assume therefore that a win (if one ever happens...)

Several people on here have won, so it does happen, plus you can request a list of winners.

YoungSaver20

I just noticed this today and registered but despite the low odds of winning, perhaps it is too late to register.

I notice it started in December 2011 and there has already been at least 12 draws, so perhaps they might end the draw soon.

I do save with Bank of Scotland anyway, already have an Internet Saver so it's worth a chance.

Warmingup

I've looked briefly at the rules. There is mention of sharing your information with a third party, but it is too vague to make much sense of. My guess is that Halifax are selling on entrants' financial details.

rb10

Warmingup wrote: »

I've looked briefly at the rules. There is mention of sharing your information with a third party, but it is too vague to make much sense of. My guess is that Halifax are selling on entrants' financial details.

I'd read it a bit more closely before drawing conclusions.

In particular, the draw is monitored by KPMG - to verify that they are indeed playing to the published rules - and so as part of this, KPMG need access to a limited amount of customer information.

No chance that it'll be used for any form of spam or marketing.

innovate

I used to be enrolled for about a year in this. Didn't notice any increase in spam mail or emails.

Warmingup

innovate wrote: »

I used to be enrolled for about a year in this. Didn't notice any increase in spam mail or emails.

OK thanks for other views.

namecheck

innovate wrote: »

I used to be enrolled for about a year in this. Didn't notice any increase in spam mail or emails.

No,same here.

badger09

I registered this week, having put £5k into my shiny new BOS Classic Vantage account (thanks MSE :T).

I figure its worth sacrificing the approx £3 interest I will lose by moving it from Santander @ 3.2% now, rather than in June when that rate plummets. Someone has to win and it might just be me

I'll report back on any increase in spam.

innovate

Are you sure, badger, that you can register with the BoS accounts for the Halifax price draw? If so, I should probably get my finger out and register again.......