Halifax's 'Prize Draw' - Likelihood of winning?

Jlawson118

How likely (or unlikely) is it that awards are given out? I can imagine the answer is "Very Unlikely" and quite similarly to Lloyd's "It's on us" where it's quite unlikely, but I'm curious as to whether anybody on MSE has ever been awarded it?

My First Direct regular saver will mature in January, to which should value at just short of £3700. I'm hoping to put aside an extra £1300 to make it up to £5000.

I'm wondering if it's worth putting it aside into another FD savings account (Preferably my Cash ISA at 0.85%) or is it worth putting it away at 0.2% with Halifax at the hopes to win the 'prize draw'?

veryintrigued

Diane Abbott reckons you're nailed on to win it three times a month.

Mark Carney reckons no-one will win it ever.

I reckon it's between those two somewhere.

triplea35

Monthly I understand it is around 2000 to 1 chance of winning any prize.

My wife and I have both been eligible since 2014 and never won anything - until today! £100.
Still does not make up for the dismal interest over last few years so will probably get out as planned at the end of the month.

Why limit your choices, Instant access, Marcus at 1.5%, and there are better rates for notice and term accounts. Does it need to be in an ISA?

eskbanker

Jlawson118 wrote: »

How likely (or unlikely) is it that awards are given out? I can imagine the answer is "Very Unlikely" and quite similarly to Lloyd's "It's on us" where it's quite unlikely, but I'm curious as to whether anybody on MSE has ever been awarded it?

Someone else started a thread last year along similar lines, i.e. I don't personally know of any winners so suspect there aren't any, but it was soon established that there are winners: https://forums.moneysavingexpert.com/discussion/5662775/halifax-saver-prize-draw-anyone-won-yet

Jlawson118 wrote: »

I'm wondering if it's worth putting it aside into another FD savings account (Preferably my Cash ISA at 0.85%) or is it worth putting it away at 0.2% with Halifax at the hopes to win the 'prize draw'?

A respected poster (sadly no longer with us) on the above thread had calculated the impact of the prizes to be worth a notional average of about 0.03% a year over and above the published interest rate, so effectively negligible and should be ignored when trying to work out the best return on a savings pot.

Terry98

You could start a Halifax Regular Saver for £250 a month. The running balance counts for the Prize Draw.

My Regular Saver balance is increasing nicely and I have been tempted to make the balance up to £5000 but the .2% put me off and I have decided to keep my money in PB's.

Carl31

I was in it for years, never won anything

Took all my money out and put it into P2P lending, get about 9% return which is much better

Xenon

Carl31 wrote: »

I was in it for years, never won anything

Took all my money out and put it into P2P lending, get about 9% return which is much better

Exactly the same - got bored and moved my money elsewhere

SeeMe

veryintrigued wrote: »

Diane Abbott reckons you're nailed on to win it three times a month.

Mark Carney reckons no-one will win it ever.

I reckon it's between those two somewhere.

That sounds about right.:D

Alexland

I wouldn't let it influence your choice of provider. So unlikely to win it's not even worth giving it any brain cycles.

Joe_Bloggs

I have won £100 on the day a maturing Halifax ISA was transferred that would take me below the qualifying level. This circumstance was accepted in my favor. I needed additional debit card activity to prove that the account was active. I only had one transaction in the acceptable time-frame at a nearby market leading store.

The investment outlook is in flux so avoid being suckered in by speculative savings rewards with derisory interest rates.

J_B.
They do act to 'milk the experience' as if you had won £100.000.
It was such fun that I managed to postpone to the last week possible of responding to the claim.

Jlawson118

triplea35 wrote: »

Monthly I understand it is around 2000 to 1 chance of winning any prize.

My wife and I have both been eligible since 2014 and never won anything - until today! £100.
Still does not make up for the dismal interest over last few years so will probably get out as planned at the end of the month.

Why limit your choices, Instant access, Marcus at 1.5%, and there are better rates for notice and term accounts. Does it need to be in an ISA?

I have (and still am) considering the Marcus account, although I am currently weighing up my opportunities.
For one, I'm not sure if to reinvest the £3600 into the FD regular saver again for the 5% interest next year. Or try and start a fresh so that it's knocking on for £6k/£7k next year!

I've just bought a property and will soon be paying a mortgage and bills. I am hoping I can still afford to put aside £250 - £300 per month into something like this with these contributions! :j