Coventry Prize Draw

justwantedtosay

I don't know how anyone might know so it's probably silly even to ask, but I was wondering how many Loyalty Regular Saver accounts were opened with Coventry BS and therefore entered into the prize draw for 50 £1,000 prizes. 5% wasn't the greatest offer so perhaps very few took it up and I might win!! On the other hand, perhaps tens of thousands hoped to be picked and the chances are as slim as with premium bonds - don't get me started! It was only available for two or three weeks, so maybe the odds aren't too long. It would be nice to win something!

flaneurs_lobster

Probably better odds than £1000 win on the bonds. Bet there's an awful lot of these accounts with just £100 in them but I doubt if Cov BS would want (or need) to release their number.

If the rate stays at 5% it might become a useful saver as rates fall elsewhere .

justwantedtosay

flaneurs_lobster said:

Probably better odds than £1000 win on the bonds. Bet there's an awful lot of these accounts with just £100 in them but I doubt if Cov BS would want (or need) to release their number.

If the rate stays at 5% it might become a useful saver as rates fall elsewhere .

Yes, I don't think there's any obligation to save every month so I'm guess you're right that lots of people just put in a little. 

Oh well, another dream shattered!

I'm not sure a 5% regular saver will gain you much over an instant saver in the next year. A 5% long fix would be a different proposition.

DRS1

No I am sure you are the only person who applied.  The question is do you get all 50 prizes or just the one?

SnowMan

Coventry Building Society had 1.6 million saver members in 2023/2024

If we ignore their purchase of the Co-operative bank and assume 10% of savers have the 5% regular saver account then that amounts at a guess to 160,000 regular saver accounts.

So the £50,000 prize fund is perhaps costing them about 30 pence per account on average.

The odds of winning might be about 1 in 3,000 (= 50/160,000)

justwantedtosay

DRS1 said:

No I am sure you are the only person who applied.  The question is do you get all 50 prizes or just the one?

I remember a local prize draw with the prize of a holiday in Paris that only had three entries.

flaneurs_lobster

justwantedtosay said:

DRS1 said:

No I am sure you are the only person who applied.  The question is do you get all 50 prizes or just the one?

I remember a local prize draw with the prize of a holiday in Paris that only had three entries.

Did you win?

justwantedtosay

flaneurs_lobster said:

justwantedtosay said:

DRS1 said:

No I am sure you are the only person who applied.  The question is do you get all 50 prizes or just the one?

I remember a local prize draw with the prize of a holiday in Paris that only had three entries.

Did you win?

Afraid not. I only heard about it from the people who organised it.

HHUK

SnowMan said:

If we ignore their purchase of the Co-operative bank and assume 10% of savers have the 5% regular saver account then that amounts at a guess to 160,000 regular saver accounts ...

The odds of winning might be about 1 in 3,000 (= 50/160,000)

Several of us on this Forum, including me, have been lucky enough to win a prize in one of the Coventry Sunny Day Saver prize draws. What would you estimate to be the odds of that?

SnowMan

HHUK said:

SnowMan said:

If we ignore their purchase of the Co-operative bank and assume 10% of savers have the 5% regular saver account then that amounts at a guess to 160,000 regular saver accounts ...

The odds of winning might be about 1 in 3,000 (= 50/160,000)

Several of us on this Forum, including me, have been lucky enough to win a prize in one of the Coventry Sunny Day Saver prize draws. What would you estimate to be the odds of that?

Congratulations.

Hard to say

From what I can tell for the sunny day saver there are 20 winners per monthly draw (£2,200 monthly prize fund = 1 x £500, 5 x £200, 14 x £50). And possibly there have been 8 monthly draws so far (?) or have the draws been going on before October 2024 (?). So that's 160 winners (prize fund totalling £17,600 over 8 draws) versus the 50 winners (total prize fund £50,000 = 50 x  £1,000) for the loyalty regular saver.

I have no feel for if there are more or less sunny day saver accounts than loyalty saver accounts.

But perhaps at  a complete guess the odds of winning were slightly better for the sunny day saver at 1 in a 1,000 of any win over the 8 draws (because there were more winners). While it's hard to remotely guess what proportion of sunny day saver account holders use the forum and would report their winning here, several winners feels more than I would expect if it is 1 in 1,000. So perhaps the odds are better than 1 in 1,000.

Kim_13

I would say there are more Sunny Day account holders, for the following reasons: 

- The account launched paying 6.25% and is soon to be paying 5.75% so was/is more competitive than the 5% Loyalty Saver, as both are variable rate accounts.
- The Sunny Day account did not have any membership requirements, so the number of people eligible to open it was greater.
- The Sunny Day Saver allowed unlimited withdrawals, whereas the 30 day penalty on the Loyalty Saver probably reduced the number going for it given the rate was not correspondingly higher. MSErs probably did, content to use the waiver given by any rate reduction during the term, but others likely thought it was a penalty whatever and steered clear unless they had no better home for the funds.
- The Sunny Day saver only required £10 for a draw entry so was likely to appeal to those starting a savings journey. In contrast, the Loyalty Saver gave people a month to find £100 in order to qualify for the prize draw.
- People would instinctively feel that they were more likely to win one of a number of draws, rather than opening a Loyalty Saver just for one draw. I nearly didn’t bother with the latter, but opened the Sunny Day on about day 2 of availability. 

There probably isn’t much in the odds overall, given the number of Sunny Day draws. The odds of winning the Loyalty Saver must be higher than winning a specific Sunny Day draw (more prizes, less account holders.)