Homes for Ukraine - important information can be found here.
Rate changes following Bank of England decision to raise its Bank Rate to 1.25% on 16 June.
Savings: the majority of our variable savings rates have been increased from 24 June. Rate increases for Windfall Bond and Tracker Savings Bond apply from 1 July. (Updated 1 July.)
Mortgages: our variable mortgage rates will increase and we are in the process of writing to affected customers with details of their revised payments, interest rate and effective date. Product rates now shown on the website reflect this increase. (Updated 1 July.)
How does the Windfall Bond work and what are your chances of winning a prize?
Please note: The Windfall Bond has been withdrawn for new account openings. However, the regular monthly draw will continue as normal.
How does the Windfall Bond work?
Each Windfall Bond needs an investment of £10,000, and you can have as many bonds as you like (subject to availability).
Once open, the Windfall Bond pays a rate of interest linked to the Bank of England Bank Rate.
Every month, all qualifying Windfall Bonds are entered into a free prize draw. To qualify for entry into the prize draw, each Windfall Bond needs an investment of exactly £10,000 and all account holders need to be aged 18 and over. Windfall Bonds will be included in a draw for the first time in the second calendar month after being opened and meeting the qualifying criteria.
Each bond is entered into a free draw for a chance to win one of 21 monthly prizes:
- 15 prizes of £1,000
- 3 prizes of £2,500
- 2 prizes of £10,000
- And 1 prize of £50,000
For more information about the Windfall Bond please read our Product Features Leaflet.
How the monthly prize draw works
The Windfall Bond prize draw takes place on the tenth working day of each calendar month. Windfall Bonds are eligible to be included in a draw for the first time in the second calendar month after being opened (for example, a qualifying Windfall bond opened on 1 October is first eligible for a draw in early December).
- Every month, each qualifying Windfall Bond is allocated one of 15,000 unique tickets and entered into the prize draw
- The number of unique tickets entered into each prize draw (15,000) is kept consistent so that your chances of winning a prize do not change from draw to draw
- Until there are 15,000 qualifying Windfall Bonds allocated to each one of these unique tickets, blank tickets* will be entered to take the ticket total up to the maximum 15,000 capacity
- 21 winning tickets are drawn at random in each monthly prize draw by an independent third party appointed by the Society
- No prize will be awarded for any winning tickets drawn that have not been allocated to a qualifying Windfall Bond entry for that draw
- Each qualifying entry can win one prize only each month
*Blank tickets are those that are not allocated to a qualifying Windfall Bond but are entered into the prize draw to take the ticket total up to 15,000.
Your chances of winning a prize
Every month, each qualifying Windfall Bond is allocated one of 15,000 unique tickets and entered into the prize draw. In each monthly prize draw, 21 winning tickets are chosen at random.
Each individual Windfall Bond entered into the draw has a^
- Approximately 1 in 714 chance of winning a prize in any given draw. You can think of this roughly as the 21 selected prize tickets divided by the 15,000 tickets entered into each draw
- Approximately 1 in 60 chance of winning at least one prize across 12 consecutive draws
^The fact that at any given time the number of qualifying Windfall Bonds may not equal the maximum capacity of 15,000 has no impact on the probabilities quoted, as blank tickets are entered to take the ticket entry total up to 15,000 every month.
We will notify winners of the monthly free draw within 10 working days of the draw taking place.
We reserve the right to change terms of the draw, the prizes available or end the monthly free draw after giving seventy calendar days’ notice, or as per clause 23 in our Windfall Bond monthly free draw Rules which are also included in the Product Features leaflet.
For a full list of the Windfall Bond monthly free draw rules please click here.
If you have any questions about the Windfall Bond, please contact our New Business Team:
Find out more information about the Windfall Bond.
Frequently asked questions
Here you can find answers to the most common questions our members ask about the Windfall Bond.