HALIFAX has axed a key perk that gave thousands of customers free cash.
The popular high street bank is stopping its popular Savers Prize Draw after 14 years.
Halifax is getting rid of a scheme[/caption]
The draw gave customers the chance to win up to £100,000 every month.
The competition has been a key perk for savers since it launched back in 2011, but the final prizes will be awarded this month.
Each month three customers had a chance to win £100,000, and there was up to 100 prizes of £1,000 and 1,500 of £100.
To be in with a chance, you had to keep £5,000 or more in a qualifying account for a month, and be registered to take part.
There was also sometimes been a “superdraw” with a much higher top prize, including one of £500,000.
A spokesperson for Lloyds Banking Group, previously told The Sun: “Our customers’ expectations continue to change, and we are taking the opportunity to look at how we can reward customers in different ways in the future.
“Our Savers’ Prize Draw has made a huge difference to thousands of customers, with over £100 million awarded since our first draw in 2011.”
The draw was popular because it gave people the chance of winning big money without the risk of losing anything, although the odds were unclear.
If you enjoy the idea of being in with a chance of winning a decent cash prize, without buying tickets, an alternative is buying Premium Bonds, which work in a similar way.
Every £1 saved into Premium Bonds has a one in 22,000 chance of winning something, with the maximum prize being £1million every month.
Or alternatively you could try out the The Association of British Credit Unions. This bank also runs a prize draw for customers.
Credit unions are not-for-profit organisations offering local people or selected industries loans and savings accounts.
You can take part if you’re a member of a credit union linked to the scheme.
Find out more about participating unions at prizesaver.co.uk.
You only need £1 to enter the draw and balances are capped at £200
More banking changes
And it is not the only change happening for Halifax customers.
The high street bank will no longer send all customers paper bank statements, and will instead send digital ones by email.
In a letter sent to customers last month, Halifax told customers it was moving to paper-free statements from November 26.
But you can opt out if you call its customer service line by November 22.
Halifax, which is also a part of Lloyds group, is also set to reduce its estate before the end of the year.
The bank has previously said that it had a 48% drop in face-to-face transaction at the various branches over the past five years.
Halfiax will shut up to 30 branches before the end of the year, including sites in London and Manchester.
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