Santander has launched a new savings account - with customers entered into a £100,000 draw. Savers who open a Limited Access Saver before November 30, 2023, would be eligible to enter Santander’s £100,000 prize draw for customers if they deposit at least £100 in their Santander current and/or instant access accounts.

Qualifying account holders are automatically entered into the prize draw. The winner will then be randomly selected by December 15, 2023 and they will be contacted by phone, email or letter within seven days of the selection date.

Once the winner has accepted the prize, the bank will pay the £100,000 prize directly into their Santander account. Andrea Melville, Director of Current Accounts, Savings and Business Banking, Santander said: “We aim to reward our customers each and every day through our innovative products and services, cashback and interest, but we’re excited to be able to reward one lucky customer with a life-changing prize just in time for Christmas.”

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Entry is open to UK tax residents who are new or existing Santander UK customers, aged 18 or older. Santander UK employees and anyone associated with the draw will be excluded from the prize draw. The high street bank also said customers looking to apply for an account to be eligible for the draw can choose from a range of options.

These include the Santander Edge current account, Santander Edge Up current account and Easy Access Saver. The bank said customers who hold instant access and current accounts that are no longer on sale to new customers, such as the 1|2|3 account will be eligible, provided they have £100 in their account by the end of the month.

Customers need to hold at least £100 in total across all of their Santander accounts, rather than just one account. It means a customer with £80 in a current account and £20 in an instant access account would qualify.