Halifax Ends £300k Mortgage Prize Draw: What Are Your Alternatives?

Halifax is shutting down its monthly mortgage prize draw this September, leaving thousands of customers wondering: Are there still ways to win big with banks and lenders?

The draw, running since 2011, gave mortgage holders the chance to have their home loan fully paid off (up to £300,000) and awarded 100 runner-up prizes of £1,000 each month. A separate savings prize draw also offered top payouts of £100,000.

Despite its popularity, Halifax has quietly confirmed the scheme will end on 30 September 2025, with no public explanation. Industry experts suggest declining value for both the bank and customers may be behind the decision.

What Prize Draw Alternatives Are Left?

With Halifax bowing out, are there still lucrative prize-linked banking options? Here’s what’s still available:

1. Premium Bonds (NS&I)

• £1m monthly jackpot (tax-free)

• Odds: 1 in 22,000 per £1 bond

• Minimum deposit: £25

• No interest earned, but safe & government-backed

2. Kent Reliance (OneSavings Bank) Prize Draw

• Monthly prizes (£100–£1,000)

• Automatic entry for savers (£100+) & mortgage holders (£1,000+ balance)

3. Credit Union PrizeSaver

• Top prize: £5,000/month

• Entry cost: £1 per ticket (max 200)

• Limited to certain credit unions (check prizesaver.co.uk)

4. Family Building Society’s £50k Draw

• £50,000 top prize

• Minimum deposit: £10,000

5. Chip’s Savings Prize Draw

• Up to £10,000 in prizes

• Only £10 needed to enter

Are Banking Prize Draws Worth It?

Financial experts caution against chasing prizes over better rates:

• David Hollingworth (L&C Mortgages):
  “The odds of winning are slim. Focus on low mortgage rates first.”

• Jonathan Rolande (Property Expert):
  “These are gimmicks—never pick a financial product just for a prize draw.”

• Rachel Springall (Moneyfacts):
  “Premium Bonds are a solid alternative, but remember they pay no interest.”

Final Chance to Win with Halifax

Halifax’s prize draw runs until September 2025, so there’s still time to enter. A bank spokesperson said:

“We’ve awarded over £14m since 2020 but are now exploring new ways to reward customers.”

Key Takeaways:

✔ Halifax’s mortgage & savings prize draws end in September
✔ Premium Bonds, Kent Reliance, & credit unions offer alternatives
✔ Experts advise prioritizing rates over prize-linked deals

For more on savings and prize-linked accounts, check:

• MoneySavingExpert: Best Savings Accounts

• Which? Premium Bonds Guide

• NS&I Official Site