Premium Bonds alternatives: savings accounts that could win you cash

Did you know your savings could be winning you monthly prizes? And I’m not just talking about Premium Bonds – there are other UK accounts that offer cash prize draws instead of (or in addition to!) interest. I use these myself to boost my wins – I’ve recently had a £100 win from the Family Building Society and a £10 win from Chip! Here’s my guide to the best savings accounts that give you a chance to win big.

Santander – win £250,000

Santander is running a monthly prize draw for personal current account holders who opt in, giving you the chance to win cash prizes up to £25,000 every month, plus a massive £250,000 bonus draw in December 2026!

• Prizes: Monthly draw: 1 x £25,000, 2 x £10,000, 50 x £500, and 300 x £100. Plus a special 1 x £250,000 jackpot prize in December 2026 (your entries accumulate across the year for this bonus draw).
• Requirements: Hold an open Santander personal current account and opt in to the prize draw.
• How to open account: Online at www.santander.co.uk, in branch, or via the Santander mobile app.
• How to enter: Opt in once via ‘Products & Offers’ in the mobile app, online banking, in branch, or by calling customer service. You can earn up to 3 entries per month: hold £100+ in a Santander personal current account at the end of the month, hold £100 in a savings account at the end of the month or make at least 1 Santander credit card transaction during the month.
• Interest earned on savings: Depends on the specific account(s) you hold.
• Restrictions: UK residents aged 18+. Maximum of 3 entries per customer per month.
• Contacting winners: Winners are notified by phone, email, or mobile app message by the last working day of the following month. Prizes are paid directly into your Santander current account.
• Full details: https://www.santander.co.uk/personal/customerprizedraw

Chip Prize Savings Account – win £10,000

Use the Chip Prize Savings Account to save, and you’ll get a chance to win prizes instead of receiving interest. With the Prize Savings Account, you don’t earn interest on your savings. All money you deposit with Chip is held by the UK authorised ClearBank, and is eligible for the FCSC (Financial Services Compensation Scheme).

• Prizes: September 2026 draw: 1 x £10,000, 7 x £500, 73 x £100, 180 x £20, 360 x £10, 14400 x £5
• Requirements: You must have a minimum average balance of £10 over the month to qualify. 
• How to open account: Download the Chip app.
• How to enter: For each £10 of your average monthly balance you will automatically receive one prize draw entry. 
• Interest earned on savings: None
• Restrictions: You must be a UK resident aged 18 or over. Maximum 8,500 entries per month (equivalent to £85,000). One account per customer.
• Contacting winners: Winners are emailed, but it’s not stated how long after each draw this will be. 
• Full details: www.getchip.uk/savings-accounts/prize-savings-account – use my referral code CHIP-NBF397 to get 100 extra draw entries in your first month of saving (you must deposit at least £5,000 to get the extra entries)

Prize Saver – win £5,000

Prize Saver is an HM Treasury pilot scheme to incentivise people to save with credit unions. The Treasury have ended their involvement with the scheme – however, the participating Credit Unions have agreed to continue the prize draws. Top prize winner each month receives £5,000, plus there are twenty runner-up prizes. Terms & conditions also state that there may be bonus prize draws. Check your local CU website for the latest updates (a link to the East Sussex T&Cs is here).

Some Credit Unions may also offer bonus prize draws or rewards for their members, for example I have my Prize Saver account with Wave Community Bank and they have just launched Wave Rewards, with a monthly prize draw for members.

• Prizes: Monthly prizes are 1 x £5,000, 10 x £50 and 10 x £20 (plus occasional bonus prize draws).
• Requirements: Save at least £1 in a savings account. Every £1 in your account at the end of each month gives you one automatic entry into the following month’s prize draw – up to a maximum of 200 entries a month.
• How to open account: Choose your local CU from the list at prizesaver.co.uk, then open an account online.
• How to enter: If you have at least £1 in savings, you will be automatically entered into the monthly draw.
• Interest earned on savings: Depends on the CU, but usually none
• Restrictions: You must be a GB resident aged 18 or over. 
• Contacting winners: Draws take place mid-month, and winners are contacted within 21 days.
• Full details: www.prizesaver.co.uk

Family Building Society Windfall Bond – win £50,000

The Family Building Society Windfall Bond earns you interest (currently 2.75%) – but also you get entry into a monthly free prize draw with a chance to win between £100 and £50,000!

• Requirements:  invest exactly £10,000 in a windfall bond – you can open multiple bonds, with an entry for each one.
• Prizes: Prizes vary dependent on how many people are in the draw, and the monthly prize fund is 1% of the previous month’s windfall bonds, divided by 12. It includes £50,000, £10,000, £1,000, £500, and £100 prizes. 
• How to open account: By post, in branch or online at www.familybuildingsociety.co.uk 
• How to enter: You’re automatically entered into the draw for the second month after the bond has been opened. 
• Interest earned on savings: 2.75%
• Restrictions: UK residents age 18+.
• Contacting winners: Winners will be contacted by letter, email or phone within 10 working days of the draw.
• Full details: www.familybuildingsociety.co.uk/savings/windfall-bond

Kent Reliance – win £1,000

Kent Reliance give £1,000 cash every month to a customer who has a savings or mortgage account with them.

• Requirements: Have a savings account with a balance of £100 or more, or a mortgage account of £1,000 or more.
• Prizes: One £1,000 prize each month.
• How to open account: Apply in branch or online at www.kentreliance.co.uk
• How to enter: If you have a qualifying balance on the last day of the month, you will be automatically entered into the draw.
• Interest earned on savings: Yes
• Restrictions: UK residents age 18+.
• Contacting winners: Kent Reliance will either send the winner a cheque, or contact them by letter, email or telephone within a month of the draw.
• Full details: www.kentreliance.co.uk/prize-draw

Lloyds Bank & Halifax Super Prize Draw – win £1 million

Lloyds and Halifax are currently running a promotional “Super Prize Draw” for both current account and savings account holders.

• Prizes: Monthly draws (August, September, October): 5 x £10,000 and 200 x £1,000. Grand Finale draw (November): 1 x £1,000,000 top prize and 5 x £50,000 prizes.
• Requirements: Hold an open personal current account or personal savings account with Lloyds Bank or Halifax, be aged 18+ and a UK resident.
• How to open account: Apply online at www.lloydsbank.com or www.halifax.co.uk
• How to enter: You are automatically entered just for holding an eligible account. You get 1 extra entry for every £10,000 held across your accounts (up to 25 entries total). You can also claim a free bonus entry for the November draw by activating it in the ‘Rewards’ section of your banking app.
• Interest earned on savings: Depends on the specific Lloyds or Halifax account you hold.
• Restrictions: UK residents aged 18+. Maximum of 25 entries per customer per draw.
• Contacting winners: Winners are notified by phone or letter within a month of each draw.
• Full details: www.lloydsbank.com/landing/super-prize-draw.html

NS&I Premium Bonds – win £1 million

NS&I Premium Bonds have been around since 1956 and are incredibly popular. Instead of paying interest, they offer a 21,000 to 1 chance of winning a prize for every £1 bond you hold (the equivalent of 4.35% interest rate) – these figures are correct in September 2026. Check out the prize allocation stats here. You can invest between £25 and £50,000.

Ever wondered what ERNIE stands for? It means Electronic Random Number Indicator Equipment – powered by quantum technology, ERNIE 5 chooses the random winners each month!

• Requirements: invest between £25 and £50,000.
• Prizes: NS&I pay out over three million tax-free prizes every month, ranging from £25 to £1 million.
• How to open account: Online, by phone or by post.
• How to enter: If you have bonds, you will be automatically entered into the monthly draw.
• Interest earned on savings: None
• Restrictions: Anyone age 16+ can hold Premium Bonds. Bonds for under 18s are looked after by a parent/guardian.
• Contacting winners: Winners are notified by email or text message, but you can also check at www.nsandi.com/prize-checker or on the NS&I app. Prizes less than £5,000 are paid into your nominated bank account – for larger prizes you will be asked to complete a form.
• Full details: www.nsandi.com

If you do decide to open a new savings account, make sure to keep the details somewhere safe and to let your loved ones know. I have a spreadsheet with details of all my investments, and have given my husband access to it… just in case!

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