Santander launches £50K prize draw for savings account customers - but deadline to win approaches

However, there is a deadline on this cash prize and the bank is reminding people to act quickly before it's withdrawn. Customers with Santander have until August 31 when the draw comes to an end.

Anyone interested in the bank's latest offering have open a personal current account and a savings account. They must have at least £50 in it by the end of the month to be automatically entered into the draw.

The lucky winner will be picked at random by September 1 with only UK residents aged 18 or over being eligible. Current Santander employees are not entitled to take part.

There is only one entry per person into the draw with the lucky individual being informed, either by post, phone or email, before September 23.

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Here is a full list of Santander's range of current accounts:

• Santander Edge Current Account - Customers get up to £20 a month cashback on essential bills and spending, a linked six per cent AER easy access saver, and fee-free spending abroad, for a £3 monthly fee.
• Santander Edge Up Current Account - Customers get up to £30 a month cashback on essential bills and spending, as well as fee-free spending abroad, for a £5 monthly fee.
• Santander Everyday Current Account - Customers get a current account with no monthly fee, access to Santander Boosts for cashback, vouchers, and prize draws, as well as no fees for using Santander cash machines abroad.

Here is a full list of the eligible Santander savings accounts:

• Fixed Rate ISAs - offers interest rates of up to 4.62 per cent AER/tax-free depending on the term.
• Regular Saver - offers interest rates of up to five per cent AER/gross (fixed) for 12 months.
• Fixed Term Saver - offers rates interest rates of up to four per cent AER/3.93 per cent gross depending on the term.

The latest deal from the high street come comes following a period high interest rates attached to savings accounts.

Banks and building societies have reacted to the Bank of England's decision to raise and hold the base rate to a 16-year high.

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As it stands, the top savings rate with Santander is attached to its Edge Saver at six per cent.

Earlier this month, the central bank's Monetary Policy Committee (MPC) voted to reduce interest rates from from 5.25 per cent.

Many banks have begun reducing following this decision with further cuts expected this year.

Savers are reminded to take advantage of deals with high street financial institutions while they still can.