Notices

  • Our Windfall Bond is available for new account openings, offering interest at the Bank of England Bank Rate and entry into a monthly free prize draw with more prizes available now determined by the prize fund value. Find out more here

    Newly opened accounts need to be fully funded and nominated bank details registered before the end of September in order to qualify for entry into the November Prize Draw.

  • Savings: Interest rates for Windfall Bond and Tracker Savings Bond will decrease by 0.25% from 1 September 2024. We will be writing to all customers individually to confirm the new rates.

    Mortgages: Tracker mortgages will change on 25 September 2024 and we will write to customers individually with revised payment details where the new rate exceeds the minimum rate (or ‘floor’) already applying to their mortgage.

    (Notice updated 05/08)

  • From Thursday 22 August, we reduced our rates on all our fixed rate mortgage products.

    From 19 September 2024, we'll also be reducing our Managed Mortgage Rates (MMR) by 0.25%. All on-sale discounted variable product rates and other details, including representative examples displayed on our website, have been updated to reflect these lower rates. We will be writing to existing customers who have been impacted by this change, shortly, with details relevant to them. Find out full details here.

How does the Windfall Bond work?

Please note: The Windfall Bond is now available for new account openings. 

 

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How does the Windfall Bond work?

Each Windfall Bond needs an investment of £10,000, and you can have as many bonds as you like (subject to availability).

Once opened, the Windfall Bond pays a rate of interest linked to the Bank of England Bank Rate.

Each month, all qualifying Windfall Bonds are entered into a Monthly Free Prize Draw. To qualify for entry into the Prize Draw, each Windfall Bond must have:

  • an investment of exactly £10,000
  • a registered nominated bank account
  • all account holders must be aged 18 and over.

A Windfall Bond account will be entered in a draw for the first time in the second calendar month after being opened and meeting the qualifying criteria above. For example a Windfall Bond account opened in September will be entered into November's Prize Draw.

Once a Windfall Bond has been closed it no longer qualifies for inclusion in the Monthly Free Prize Draw.

The value of the Windfall Bond's Monthly Prize Fund will vary each month, in proportion with the value of Windfall Bonds entered into the previous month's free Prize Draw. 

The Prize Fund Value will be calculated by taking the total value of Windfall Bond deposits entered into the previous month’s free Prize Draw, multiplied by 1%, and divided by 12.

As an example, the Prize Fund for November would be calculated as the total value of Windfall Bond deposits entered into October’s prize draw, multiplied by 1% and divided by 12.

More information on how to calculate the Prize Fund value can be found in clause 9 in the Prize Draw Rules, which is also contained within the Product Features leaflet.

The number of prizes entered into each Monthly Prize Draw will also vary from month to month depending on the value of the Monthly Prize Fund. A new prize allocation method will determine the number of prizes to be entered into each draw.  

Here's an illustration of what the number and value of prizes might look like for 12,000 qualifying entries into the Prize Draw.

Prize Table

This equates to 108 prizes from a total prize fund worth £100,000. Each qualifying entry can win one prize only each month.

For details of the prize allocation method, please click here.
The Windfall Bond Prize Draw takes place on the tenth working day of each calendar month.

 

We will notify winners of the Monthly Free Prize Draw within 10 working days of the draw taking place.

Further information can also be found in our Product Features leaflet. 

We reserve the right to change the terms of the draw, the prizes available or end the monthly free draw after giving seventy calendar days’ notice, or as per clause 27 in our Prize Draw Rules which are also included in our Product Features leaflet

    If you have any questions about the Windfall Bond, please contact our New Business Team:

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    Product details

    Find out more information about the Windfall Bond.

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    Frequently asked questions

    Answers to the most common questions asked by our members about the Windfall Bond.

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