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Skipton Building Society has today unveiled a new Members' Draw that will distribute £540,000 in cash prizes to eligible members across a 12-month period.
The initiative, announced on Wednesday, kicks off on October 1, 2026 and will run through to September 1, 2027, with eight winners selected every month.
As a mutual organisation, Skipton's savers and mortgage holders are automatically considered members of the society.
The draw represents the latest in a series of benefits designed to reward those who bank with the Yorkshire-based lender, offering a substantial prize fund that amounts to £45,000 distributed each month.
The monthly prize structure features a headline award of £25,000, complemented by two prizes of £10,000 each and five awards worth £1,000 apiece.
Over the full year, 96 winners will share the total pot, with the scheme delivering a combined £45,000 in winnings every month.
The top prize alone could prove life-changing for recipients, while even the smaller £1,000 awards offer a meaningful financial boost.
With draws taking place each month from October, members will have a dozen separate opportunities to scoop one of the cash prizes before the scheme concludes in September 2027.
Members aged 18 or over who reside in Great Britain qualify for the draw, provided they maintain a Skipton savings account with a minimum balance of £100 or hold a Skipton mortgage with at least £100 outstanding.
Eligibility is reassessed before each monthly draw, and qualifying members are entered automatically unless they actively choose to opt out.
Notably, the scheme rewards loyalty by granting long-standing members additional chances to win.
Depending on the length of their continuous membership, participants can receive between one and five entries per draw, giving those who have banked with Skipton for longer a greater likelihood of success.
Nick Mortimer, Chief Marketing Officer at Skipton Building Society, said: "As a mutual, our members are at the heart of everything we do, so we're always looking for meaningful ways to recognise and reward the people who choose to save and borrow with us.
"That's why we're delighted to launch the Members' Draw, giving eligible members the chance to win cash prizes every month."
He added: "Whether someone has recently joined Skipton or has been with us for many years, the Members' Draw is another way we're rewarding our savings and mortgage members while helping them build brighter financial futures."
Full terms and conditions are available at www.skipton.co.uk/members-draw.
