It should be noted that people will need to pay into the account within the first 28 days or Nationwide will close it.
There are three prize draws, which will take place on February 21, 2023, August 22, 2023, and February 20, 2024.
If someone opens their account with less than six months to go before the next prize draw, they’ll only be able to enter the draw after that.
Nationwide will inform savers if they have won by email or post. They will pay the £250 into their Start to Save Issue 2 account within 30 days of the draw. This means the account will still need to be open for them to pay into.
To open an account customers need to:
- be 16 or over
- be a resident in the United Kingdom
- be registered for their Internet Bank and have a valid email address
- be able to open and manage the account online
- have another account in their name, which accepts faster payments, that they can use to receive transfers out of this account