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Who is eligible for TSB’s new £1,000 prize draw?

Popular UK savings provider, TSB, has launched a new prize draw aimed at encouraging customers to save money. Here’s everything you need to know about the draw, including the prizes up for grabs and who is eligible.

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What is TSB and what products does it offer?

TSB is a UK retail bank that is part of the Spanish banking group, Sabadell. The bank was officially named as the Best Savings Account provider at the Your Money Awards 2021.

It currently offers a wide range of financial products to customers, including mortgages, credit cards, insurance (life and home), as well as savings and investment accounts such as cash ISAs, stocks and shares ISAs, Junior ISAs, Lifetime ISAs and general investment accounts.

More information on these accounts, including their features and perks and how to apply for them, can be found on the TSB website.

You can also check out our reviews of other providers’ financial products, such as cash ISAS, stocks and shares ISAs, and share-dealing accounts, to see how they compare to TSB’s offerings.

What is the new TSB prize draw?

Each month, TSB will award five prizes of £1,000 and fifty prizes of £100 to randomly selected customers who meet the requirements.

The prize draw will run from 1 November 2021 to 31 May 2022. There will be six draws in total. The first prizes are set to be awarded in December.

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Who is eligible for the TSB draw?

All TSB customers (both new and existing) who have a Savings Pot alongside their Spend & Save or Spend & Save Plus current accounts will be automatically enrolled in the draw. However, this pot must have the words ‘My dream’ included in its name. The pot also needs to have a balance of £10 or more.

Each customer that meets the requirements will get one draw entry for that month.

If you are not familiar with TSB’s Savings Pot, it is essentially a feature of both the Spend & Save and Spend & Save Plus current accounts.

Customers can name the pot individually as they want to reflect their personal savings goals. For those who have already named their savings pot, they can use the TSB mobile app or internet banking to rename them to include the words ‘My dream’ in order to be eligible for this new prize draw.

Both the Spend & Save and the Spend & Save Plus accounts have additional features aimed at helping customers manage their money with the help of their Savings Pot. For example, there is the ‘Save the Pennies’ feature that is an automatic spending-round up that pays into the customer’s Savings Pot.

Another feature is the ‘Auto Balancer’. This one moves money from the Savings Pot to help customers avoid going into the red and stay disciplined.

Commenting on the new prize draw, Peter Hatton, TSB Head of Savings, said: “Our Spend & Save current accounts are proving popular with customers as they use their Savings Pots towards goals such as a holiday, new car or home renovations. We’re pleased to offer a prize draw that will give customers another great incentive to save.”

The post Who is eligible for TSB’s new £1,000 prize draw? appeared first on The Motley Fool UK.

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