Coventry Building Society has unveiled a new regular savings product that combines competitive returns with monthly prize opportunities.
The Sunny Day Saver 2 account, which launched today, provides savers with a 4.30 per cent interest rate alongside the chance to win cash rewards through monthly draws.
The building society designed the account to help customers accumulate funds for enjoyable experiences and special occasions.
Account holders can win one of ten monthly prizes worth up to £500, with an additional larger draw available for those who maintain regular saving habits throughout the year.
Coventry Building Society has launched a new savings account
|GETTY / COVENTRY BUILDING SOCIETY
Customers can deposit a maximum of £150 per month into the account, which requires just £1 to open.
Monthly contributions of at least £10 qualify savers for entry into the prize draw, though there's no obligation to save every month.
The account will only be available for a limited period during September.
Savers who deposit a minimum of £10 in any given month become eligible for that month's draw, with ten prizes of up to £500 available.
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Savings rates continue to be competitive | GETTY Those who maintain consistent monthly deposits for eleven months gain entry to an enhanced prize draw worth up to £5,000.
Joanne Forsyth, a branch manager at Coventry Building Society's Oxford Branch, emphasised the importance of saving for life's pleasurable moments.
She shared: "Saving for life's rainy days is something many of us try to do - but it's just as important to put something aside for the sunny ones too."
Ms Forsyth explained that the account helps customers accumulate funds for meaningful experiences, "whether it's a weekend away, a treat for the family, or simply something that brings a bit of joy".
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Those who maintain consistent monthly deposits for eleven months gain entry to an enhanced prize draw worth up to £5,000.
"Unlike Premium Bonds, which rely purely on luck where the odds are stacked against you, Sunny Day Saver gives people the best of both worlds - a chance to win monthly cash prizes and earn interest on their savings," Ms Forsyth added.
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How has the base rate changed since 2020? | CHAT GPT Rachel Springall, a finance expert at Moneyfacts, praised the new offering: "Savers looking to put some money aside towards any future goals will find the new Sunny Day Saver from Coventry Building Society a great choice."
She noted that the account combines attractive interest rates with prize draw incentives, adding that even if saving patterns fluctuate, customers remain eligible for monthly draws.
"Those who are diligent enough to put money away each month could win a bigger prize pot," Springall explained.
The launch coincides with UK Savings Week, which Forsyth described as an ideal moment to consider how modest savings today can support future enjoyment.