Prize Savings Accounts UK: Best Prize-Linked Savings Accounts (2026)
If you’re bored with the same old savings accounts offering poor interest returns, you might want to spice things up a little.
Instead of earning a small amount of interest each month, some accounts give you something different… the chance to win cash prizes instead.
These are known as prize savings accounts or prize-linked savings accounts. Rather than paying traditional interest, your savings act as entries into a prize draw.
You still keep your money, but each month you could win anything from £20 to £1 million, depending on the account.
There aren’t many of these accounts in the UK, but there are still a few options worth knowing about.
Best prize savings accounts at a glance
Account | Minimum to Enter | Interest Paid? | Top Prize |
|---|---|---|---|
£25 | No | £1,000,000 | |
£100 | No | £10,000 – £250,000 | |
£10,000 | Yes (~2.75%) | £50,000 | |
£1 | Yes (up to ~0.8%) | £5,000 |
What is a prize-linked savings account?
A prize-linked savings account works a bit like a lottery, except you don’t lose your money.
Instead of buying a ticket, your savings give you entries into a prize draw. The more money you save, the more chances you have of winning.
This type of account has become more popular in recent years as savers look for alternatives to traditional accounts where interest rates often struggle to keep up with inflation.
Some accounts replace interest entirely with prizes, while others offer both interest and prize draws.
Below are some of the main prize savings accounts currently available in the UK.
Chip Prize Savings Account
Chip is a personal finance app that helps people save and invest automatically.
Alongside its savings and investment products, it also offers a Prize Savings account which gives users the chance to win cash prizes each month.
To take part:
• You need at least £100 saved in the account
• Every £10 saved gives you one entry into the draw
The standard top prize is usually £10,000, but Chip frequently runs promotional draws where the jackpot is boosted. In some months the grand prize has reached £250,000.
Unlike a normal savings account, no interest is paid on money held in the prize account. Instead, the potential return comes from the prize draws.
Or take a look at my Chip review to find out more.
Family Building Society Windfall Bond
The Windfall Bond from Family Building Society is one of the few prize accounts that still pays interest as well.
To open the account you must deposit exactly £10,000, which is then entered into a monthly prize draw.
Each month there is a top prize of £50,000, along with several smaller prizes.
Unlike many prize-linked savings accounts, the Windfall Bond also pays interest. The rate tracks the Bank of England base rate minus around 1%, meaning savers currently receive roughly 2.75% (variable).
Note: this account has a restriction. You cannot make partial withdrawals. If you want to access your money, you must close the account and give 35 days’ notice.
This makes it something of a middle ground between a traditional savings account and a prize draw account.
PrizeSaver (Credit Unions)
PrizeSaver is offered through a number of UK credit unions.
Credit unions are not-for-profit financial organisations that offer savings accounts and loans to their members.
With PrizeSaver, your savings act as entries into a monthly prize draw.
Typical prizes include:
• £5,000 top prize
• 10 prizes of £50
• 10 prizes of £20
Each £1 saved gives you one entry, up to a maximum of 200 entries per month.
Some participating credit unions also pay a small amount of interest on the account itself. For example, some currently offer around 0.8% interest, meaning savers receive a guaranteed return even if they don’t win a prize.
Halifax Savers Prize Draw (Now Closed)
For many years, the Halifax Savers Prize Draw was one of the most generous prize-linked savings schemes offered by a UK bank.
Each month Halifax gave away:
• 3 prizes of £100,000
• 100 prizes of £1,000
• 1,500 prizes of £100
To qualify, customers needed to hold at least £5,000 in an eligible Halifax savings account and register for the draw.
However, Halifax announced in 2025 that the scheme would be closing. The final prize draw took place in September 2025, meaning the scheme is no longer available.
Although it’s no longer running, many people still search for it online, which is why it’s worth mentioning here.
Are prize savings accounts worth it?
Whether a prize savings account is worth using really depends on what you’re looking for.
If you enjoy the excitement of potentially winning a prize, they can make saving money a little more interesting.
However, you should remember that some of these accounts pay little or no interest. If you don’t win anything, your savings may slowly lose value due to inflation.
Personally, I think they can be fun, especially when the prize draw is on top of a normal savings account, like the Windfall Bond.
But I wouldn’t rely on them as my main savings strategy. Traditional savings accounts and regular savers usually provide more reliable returns.
I tend to treat prize savings accounts as a small pot of money that might produce a nice surprise one day.
Also worth reading
Why not check out how to make money by switching bank accounts?
Or take a look at my page on bank accounts that pay rewards.
FAQs
What is a prize savings account?
A prize savings account is a savings account where your money is entered into a prize draw instead of earning traditional interest. The more money you save, the more entries you receive.
Are prize-linked savings accounts safe?
Most prize savings accounts offered by banks are protected by the Financial Services Compensation Scheme (FSCS) up to £120,000. Premium Bonds are backed directly by HM Treasury.
What is the best prize savings account in the UK?
The most popular prize savings account in the UK is NS&I Premium Bonds, which offer prizes of up to £1 million each month.
Are prize savings accounts better than normal savings accounts?
Not necessarily. Prize savings accounts rely on luck, so you might win nothing. Traditional savings accounts offer guaranteed interest, which makes them more predictable for building savings.
