Halifax Bank - Prize Draw

subjecttocontract

Does anyone think the Halifax prize draw is worth having a go at ? Need to deposit £5K in one of their accounts to qualify. 

ranciduk

Nah

ive been in the draw for years never won a bean

is rather they increased their awful savings rates than messing about with stupid prize draws

ToastLady

I've been with them for years and years, and never had a jot. 

subjecttocontract

Well I rather suspect there are more people who have not won than have won.....so, that's not a valid reason to decide on wether to take part or not.

I'm probably giving up about £10 a month in interest by taking a Halifax account which is about the same as taking part in a traditional lottery draw.

I'm going to give it a go.

Millyonare

Think the odds of winning the top prize are something like 1 in a million.

Bridlington1

You'd be better off opting for Nationwide's start to save prize draw. You will get 2.5% interest on up to £50/mth and as long as you put £25-£50 in the account for 6 consecutive months, you'll get a chance to win £250. At least this way you'll get a decent enough interest rate on your savings.

Beddie

I won £100 5 years ago! But since then their rates have dwindled. I'd rather have the extra interest and spend some of it on the Lotto.

howryoo

I assume they'll look at your end of day balance (~23:30?) across your qualifying accounts to determine whether or not you qualify?

So if I was short across three accounts during the afternoon, but topped up one of the accounts by the evening, I assume I'd still qualify for the draw?

refluxer

howryoo said:

I assume they'll look at your end of day balance (~23:30?) across your qualifying accounts to determine whether or not you qualify?

So if I was short across three accounts during the afternoon, but topped up one of the accounts by the evening, I assume I'd still qualify for the draw?

The rules only say "We will check your balances at the end of the month to see if you should be entered into the next month’s draw" and don't specify when they actually check your accounts for the total balance but if you want to make sure you qualify, I would ensure that your total never drops below £5k. Your chances of winning are so small though that if that's a problem occasionally, then I really wouldn't worry about it. 

This draw is just meant as a bonus for anyone who happens to save a decent amount with them - opening an account and saving £5k specifically to be entered in this draw would be daft and actually a false economy, as most of their qualifying accounts (particularly their easy access accounts) pay a poor rate of interest.