Halifax saving account prize draw ...odds?

zenshi

Following a health scare earlier this year and being self employed I decided I need a ‘sick fund’ but where to put it?

I know interest rates are not good, so I know I’m not going to get much. Halifax has a savings account that doubles as a prize draw when you have £5000 in it.

my question is which would be better, odds wise......that or premium bonds

eskbanker

A few years ago, someone on here worked out that the return from the Halifax prize draw equated to 0.03%, i.e. effectively negligible, but it's inherently variable because they don't adjust the size of the prize pot in line with the number of qualifying accounts, so it's impossible to give an accurate answer, although that info may be out of date by now.

However, the returns on Halifax savings accounts (which need to be added to the return from the prize draw) are unlikely to exceed the average luck 0.9(ish)% to be expected from premium bonds, although again returns are highly variable, especially with smaller amounts or over shorter time periods....