The Make Me A Saver account, which was launched in January this year, acts as an easy-access account but also offers a monthly prize draw for 10 account holders to win £1,500 each. Yorkshire Building Society says that the account is to encourage regular savers. In order to be eligible for the prize draw Britons must deposit between £50 to £150 every month to be eligible for the following month’s draw. This means that £1,800 could possibly be saved over the course of 12 months.

However, the account can be opened with just £1.

Savers are warned that they will not be entered into a prize draw in the same calendar month in which they open the account.

The first prize draw was made in March 2022 and will be made each month until the final one on January 3, 2022.

The monthly draw is scheduled for the third of each month however it will take place on the next working day if this falls on a weekend or Bank Holiday.

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Over the course of the year, Britons were able to enter into 11 monthly draws.

Winners of the prize draw will be notified within 30 days of the draw.

The Make Me A Saver account combines unique elements of instant access accounts, regular saver accounts and Premium Bonds.

The prize draw operates similarly to that of Premium Bonds in the sense that all eligible accounts will be entered and winners are chosen at random through an automated computer process.

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The Make me a Saver account can also be managed online however people will need to register to do this.

At the launch of the account, Chris Irwin, director of savings at Yorkshire Building Society said: “Now more than ever, with current and potential future economic uncertainty, it’s important for people to try and build their financial resilience where they can and for us as a Society to help people to save.

“We want to continue to help people establish a healthy savings pot and improve their financial wellbeing and are trying to promote a save-first culture to help people put aside money that will help build a nest egg.