Nationwide has announced the launch of a new ISA prize draw that gives savers the chance to win up to £20,000 – the current annual ISA allowance.

The ISA prize draw includes a total £500,000 giveaway with savers getting ten chances to win the top prize of £20,000, and Nationwide announced that entries will open on Friday 6 March before closing on Thursday 30 April. ISA balances must be increased by £100 or more by the time the prize draw entry period closes, the society added.

Nationwide suggested its new approach is aimed at encouraging its members to save more in their ISAs before and after the new tax year arrives.

“At the start and end of a tax year we see a spike in savers rushing to make the most of their tax-free ISA allowance,” Nationwide director of savings, Tom Riley, commented.

“The prize draw is likely to be popular with savers as they have the chance of winning a cash prize, while at the same time earning a competitive rate of interest on their savings. No matter how much people put away, everyone has the same chance of winning – a concept that is true to our mutual roots.”

The announcement of the ISA prize draw followed the launch of Nationwide’s ‘Start to Save’ account and prize draw last month – another approach that the society suggested is aimed at getting its customers saving more regularly.

Together, Nationwide said it hopes the initiatives will give both new and established savers more incentive to put money away.

Riley added: “Despite only launching a couple of weeks ago, our Start to Save account and accompanying prize draw is already proving popular, with around 20,000 account openings, and showing that prize draws are an effective way of to promote, and reward, positive financial behaviours like saving.”

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