We use your sign-up to provide content in ways you’ve consented to and to improve our understanding of you. This may include adverts from us and 3rd parties based on our understanding. You can unsubscribe at any time. More info
From today (February 20), Santander has launched a prize draw for new and existing customers. This offering is available to those who choose to invest in a Santander Stock and Shares ISA using the bank’s Investment Hub.
Only one lucky winner will take home the draw’s grand prize of £20,000 which will be announced later in the summer.
This £20,000 lump sum is equivalent to the total ISA allowance for a saver during the financial year.
There are certain things new and existing customers will need to do in order to qualify for the prize draw.
Between February 20, 2023 and May 26, 2023, savers need to invest at least £1,000 in a lump sum into their new or existing Santander Stocks and Shares ISA.
Alternatively, costumes can make regular Direct Debit through the Santander Investment Hub.
It should be noted that all funds must be invested by the closing date of midnight on Friday May 26.
On top of this, all funds need to be deposited by savers but remain invested into the qualifying ISA account until this date.
Any ISA transfers or re-registrations from other providers will not be eligible for Santander’s prize draw.
The winning entry for the prize draw will be randomly selected after June 26, 2023 and will be notified either by phone or email before June 20, 2023.
Alexia Kilby, the head of Wealth Propositions at Santander UK, outlined why the bank is offering such an opportunity to its customers during the current financial downturn.
She explained: “With the new tax year fast approaching, our prize draw gives one lucky investor the chance to receive their whole ISA allowance in one go.
“While all other new and existing customers will see the benefits of growing their money with Santander in our award-winning Stocks and Shares ISA.
READ MORE: Recession fears continue despite UK economy growing
“Whether new to investing or having already grown an investment pot over a number of years, we have a range of products and funds to suit peoples’ experience and appetite.
“Our customers can also book a free session with one of our financial experts to provide them with information and support on how to reach their financial goals.”
What is an ISA?
ISA stands for Individual Savings Account and offers people tax-free interest payments which help them get more from their money.
There are multiple variations of this account: cash ISAs, stocks and shares ISAs, innovative finance ISAs, and lifetime ISAs.
The highest amount someone can place into their individual ISA is set by their ISA allowance.
For 2022/23, the allowance is £20,000, however some non-ISA savings accounts allow customers to save up to £5million in total.
Savers have the opportunity to separate their allowance across the four different types of ISA.
Customers could decide to save part of their money in a cash ISA and invest some in a stocks and shares ISA.
Source: Read Full Article