Notices

Our Windfall Bond is now available for new account openings

Our Windfall Bond account which earns you interest and entry into a monthly free prize draw with a chance to win between £100 and £50,000 is available for new account openings. Currently paying Bank of England Bank rate minus 1%. Further information can be found here.
Our 1 Year Fixed Rate Bond (52) and Online Saver (8) are now withdrawn from sale

Please note that our 1 Year Fixed Rate Bond (52) and Online Saver (8) have both been withdrawn from sale. Any customers that have recently applied for these accounts will have 15 calendar days to initially fund their account.

Changes to the Windfall Bond Monthly Free Prize Draw and Terms and Conditions

We're making changes to the Windfall Bond Monthly Free Prize Draw and its Terms and Conditions from
1 October 2024

These changes will take effect from 1 October 2024
Any existing Windfall Bond account(s) you currently hold will automatically transfer to these new Terms from
1 October 2024, and will be entered into the updated Monthly Free Prize Draw*
Until then the current Monthly Free Prize Draw will continue as normal.

*Entry into the Monthly Free Prize Draw is subject to qualifying status.

Important documents

For detailed information on the Windfall Bond's updated Prize Draw Rules and Terms and Conditions, please read the following:

In the Further Information section below we have provided details on how the Prize Fund will be calculated and how the Monthly Prizes will be allocated.

Missing nominated bank details

We'll notify you if you're missing your nominated bank details. However, don't worry you will still be entered into the draw for now and have until 1 October 2025 in which to provide these details.

Please see 'How to register my nominated bank account details' in the Further Information section below.

How to close my account

If you don't wish to participate in the new Windfall Bond Monthly Free Prize Draw, please see 'How to close my account' in the Further Information section below.

Current Windfall Bond account

To visit the current Windfall Bond product information and webpages, please click here.

Further Information

What will the value of the prize fund be each month?

The total prize fund will be calculated by taking the total value of eligible Windfall Bond deposits as at the time of the draw from the previous month, multiplied by 1% /12.

For example, the prize fund for November would be calculated as 1%/12 multiplied by the total value of eligible Windfall Bond accounts as at October’s prize draw.

If the monthly prize fund is not a whole number multiple of £100, we will always round the prize fund up to the nearest £100. Examples of what the Prize Fund could be based on the number of Windfall Bond entries every month can be found in the table below.

How will the new monthly prizes be allocated?

The number of prizes entered into each Monthly Prize Draw will vary from month to month, depending on the value of the monthly prize fund, and how many prizes can therefore be allocated from that monthly prize fund.

Once we have calculated what the monthly prize fund will be, we will allocate this value across five ‘Prize Levels’. These levels will always consist of:

Level A: £50,000, Level B: £10,000, Level C: £1,000, Level D: £500 and Level E: £100.

We will always start the prize allocation process on Level A prizes, then proceed level by level (B,C, D and E) until the full prize fund has been rewarded.

Prizes are allocated across the five prize levels A to E based on the following:

First, we calculate 60% of the total monthly prize fund value and divide this value into as many whole Level A (£50,000) prizes as possible. Where this value does not divide exactly into whole number multiples of the Level A prize value, the number of Level A prizes is rounded down to the nearest whole number.
Once the number of Level A (£50,000) prizes has been determined, the remaining unallocated monthly prize fund is then split into as many whole Level B (£10,000) prizes as possible. We calculate 50% of the remaining unallocated monthly prize fund and divide this value into Level B prizes. Where this value does not divide exactly into whole number multiples of the Level B prize value, the number of Level B prizes is rounded down to the nearest whole number.
Once the number of Level B (£10,000) prizes has been determined, the remaining unallocated monthly prize fund is then split into as many whole Level C (£1,000) prizes as possible. We calculate 50% of the remaining unallocated monthly prize fund and divide this value into Level C prizes. Where this value does not divide exactly into whole number multiples of the Level C prize value, the number of Level C prizes is rounded down to the nearest whole number.
Once the number of Level C (£1,000) prizes has been determined, the remaining unallocated monthly prize fund is then split into as many whole Level D (£500) prizes as possible. We calculate 50% of the remaining unallocated monthly prize fund and divide this value into Level D prizes. Where this value does not divide exactly into whole number multiples of the Level D prize value, the number of Level D prizes is rounded down to the nearest whole number.
Once the number of Level D (£500) prizes has been determined, any remaining unallocated monthly prize fund is then split into Level E (£100) prizes.

At the end of this process the total monthly prize fund will be allocated in full amongst the five prize levels A-E.

As an illustrative example, based on 12,000 qualifying entries, the number of prizes would be allocated as follows:

Are Windfall Bond prizes tax-free?

Windfall Bond prizes are tax-free, but there are taxes that may apply to you after you win a prize, such as income tax on interest from invested prize money, gift tax and inheritance tax.

How do I close my account?

You’ll need to request to close your Windfall Bond account. Account closure is available without access charge after 35 days’ notice. You can contact us using the secure messaging facility available within the Online Service, by phone or by writing to us.

Once we have received instructions to close an account we cannot cancel or amend this and once a Windfall Bond account has been closed it can no longer be entered into the monthly Prize Draws.

How to register my nominated bank account details?

For us to register your nominated bank account, we will need one of the following documents:

An original bank or building society statement or an electronic statement downloaded from your banking online facility, showing your latest transactions dated within the last three months which displays your full name, sort code and account number
A cheque marked ‘cancelled’ and crossed through
A paying in slip from a paying in book.

How to send us your documents

All documents, except those stated which need to be certified copies, will need to be originals, and sent to us by post
We will return your documents to you once we have reviewed them and taken a copy for our records
We are unable to accept any documents by email. However, you may upload and send electronic statements only using our secure document upload form here and select Customer Service – Savings.

The Windfall Bond will be back on sale for new account openings in August 2024

Additional Information leaflet

Detailed information on the updated Windfall Bond prize draw rules and changes to the terms and conditions.