Spotlight On: Halifax savers' prize draw

The deal

Halifax will increase from three to 10 the number of £100,000 prizes in its May and June Savers Prize Draws. The bank is increasing the prizes now to encourage people to use their ISA allowances.

Good points

It's a free prize draw, and you qualify as long as you have the right amount in the right Halifax savings account.

Bad points

You'll need to have an aggregate balance of £5,000 in one or more of the Halifax's qualifying savings accounts for the whole of the month before the draw. You also need to register for the draw in order to qualify for a prize.

Conclusion

This is a gimmick, pure and simple, but it does give the bank's savers a chance to get an extra £100,000 tax-free. It's a slim chance, but a decent bonus. But you would be foolish to switch your account to the Halifax just for the extremely remote chance of a win.