Prize Draw Feature Added to Latest Building Society Savings Account
Savings news is getting a lively update. Coventry Building Society has launched a regular saver that mixes interest with monthly prize draws. The Sunny Day Saver rewards steady deposits; it offers both a competitive rate and frequent chances to win cash.
Savings: why this launch matters
The Sunny Day Saver is a 12-month regular savings plan that accepts up to £150 per month. It is aimed at people who want to build a habit of saving while keeping access to their money. Savers who pay at least £10 in any calendar month are entered into that month’s prize draw.
There are 11 monthly draws across the 12-month term, and savers who qualify for every draw are entered into an additional prize draw. The clear, simple rules make this product easy to understand and attractive to everyday savers.
Savings: what the prize draw pays
Each monthly draw awards 20 winners: one prize of £500, five prizes of £200, and fourteen prizes of £50, all paid directly into winners’ Sunny Day Saver accounts. Draws take place in the second week of each calendar month, winners are contacted by email or phone, and the building society publishes full terms for transparency.
The additional draw for savers who qualify for all eleven monthly draws offers a larger cash prize, details of which are set out in the specific terms and conditions.
Savings: interest, access, and practical rules
Beyond prizes, the Sunny Day Saver pays a variable annual rate for eligible balances, and Coventry’s product pages include example returns for maximum monthly deposits. You can pay up to the monthly cap, make multiple deposits as long as the month’s total does not exceed the limit, and you can withdraw money if needed.
After the 12-month term, the account typically transfers to an easy-access saver, giving savers continued flexibility.
How does the prize draw work?
Entry is automatic, just pay in at least £10 during the calendar month to get one entry for that month. The product’s specific terms explain eligibility, how unclaimed prizes are handled, and how the additional full-term draw works. The process is designed to be predictable, with scheduled monthly draws and published prize counts.
Savings: how this compares with Premium Bonds
Premium Bonds from NS&I are a government-backed, tax-free prize scheme that does not pay interest; it offers a shot at monthly prizes up to £1 million. Prize-linked savings like Coventry’s combine a guaranteed element, interest, with entry into prize draws.
That mix can suit savers who want some guaranteed return and a chance at extra cash, rather than relying solely on prize odds. Premium Bonds use a national random number generator for draws, while prize-linked accounts publish prize counts and rely on provider terms to define odds.
Savings: alternatives in the market
Prize-linked models are available beyond building societies, credit unions, and niche providers, who also run prize savers. For example, Serve and Protect Credit Union and other PrizeSaver schemes offer monthly draws with top prizes up to £5,000; they often focus on community members and allow lower minimum deposits.
These alternatives show the range of prize-linked options across the UK, comparing rules, prize sizes, and protection matters when choosing a product.
Savings: Why are savings accounts adding prize features
Prize draws act as behavioural nudges; they encourage regular deposits and boost engagement by creating small, frequent rewards. For providers, the feature helps attract and retain customers, especially younger savers who respond well to gamified incentives.
Regulators accept prize-linked products when terms are transparent and consumer protections are in place, so prize innovations can coexist with safe, regulated banking.
Savings: customer benefits and risks
Benefits include FSCS protection on eligible deposits up to the published limit per person, an incentive to save regularly, and the ease of automatic entries. Risks include variable interest rates that may fall, monthly deposit caps that limit long-term accumulation, and the statistical reality that many entrants reduce any single person’s odds of winning.
Savers should compare interest, prize structure, and how prizes are paid when deciding if a prize-linked account meets their goals.
Savings: social reaction and promotion
Coventry promoted the Sunny Day Saver across its social channels, highlighting the emotional appeal of saving for “sunny days” and the clear prize mechanics.
A recent Coventry tweet framed the account as a way to save for life’s brighter moments, and that messaging helped raise awareness during launch. Social sharing often helps consumers spot new offers quickly, while transparency in terms of builds trust.
Savings: who should consider this account
This account suits regular savers who can commit to small monthly amounts, and people who enjoy a monthly chance to win cash while still earning interest. It is less suitable for savers seeking top guaranteed yields on large balances, who may prefer fixed-term bonds or high-interest ISAs.
Match the product to your timeframe and financial needs before opening an account.
Savings: regulatory protections and next steps
Prize-linked accounts offered by authorised UK building societies and credit unions are covered by the FSCS for eligible deposits, and providers must publish clear prize draw terms. Coventry’s product pages and welcome packs set out entry rules and prize schedules, which help ensure customers can compare offerings and understand the odds and protections.
Savers should read the full terms and check FSCS coverage before applying.
Savings: final thoughts
Prize-linked savings like Coventry’s Sunny Day Saver show how classic products are evolving, blending safe Savings with behaviour-driven incentives. For many savers, the appeal is simple: build a habit of saving and get the monthly thrill of a draw, while protected by standard deposit schemes.
As building societies and credit unions expand these choices, UK savers will see more ways to combine safety, returns, and a little extra excitement. Always read the small print and pick the account that fits your goals.
FAQ’S
A building society savings account lets you deposit money safely, earn interest, and access funds when needed. It works similarly to a bank account but is run for members.
The Coventry Building Society’s Sunny Day Saver offers monthly prize draws as a bonus, with cash prizes ranging from £50 to £5,000.
Coventry Building Society no longer provides current accounts. It focuses on mortgages, savings, and prize draw products.
Rates vary, but Coventry, Nationwide, and Yorkshire often rank highly. The best interest rate depends on the type of savings account you choose.
Building society accounts are member focused, usually offering competitive interest, community reinvestment, and strong customer service.
The best interest building savings account changes often. Savers should compare easy access, regular saver, and fixed rate accounts for the best deal.
Withdrawals depend on the account type. Easy access accounts allow flexible withdrawals, while regular savers may have limits on frequency or amounts.
For pensioners, accounts with steady interest and easy access, like ISAs or building society savings accounts, are usually the most beneficial.
Experts suggest interest rates may ease in 2025 as inflation cools. However, changes depend on the Bank of England’s policy and wider economic trends.
Disclaimer
This is for information only, not financial advice. Always do your research.
