Coventry Building Society launches 'Sunny Day' regular saver with £5,000 prize

Coventry Building Society has launched a new regular savings account that combines a fixed interest rate with monthly prize draws, offering savers the chance to win up to £5,000.

The "Sunny Day" regular saver pays 4.3% on deposits and allows savers to place up to £150 a month into the account. It will be available to open for a limited period in September and can be opened with a deposit from £1. Savers who put at least £10 into the account in any qualifying month will be entered into that month’s prize draw.

Coventry said there will be 11 monthly prize draws from October 2025 to August 2026. Each monthly draw will award 10 cash prizes: one prize of £500, three prizes of £200 and six prizes of £50. The first draw is scheduled for Oct. 17, 2025, with subsequent draws taking place in the second week of each month through August 2026.

Customers who save for at least 11 months will qualify for an additional bonus draw on Aug. 14, 2026. That draw will include a top prize of £5,000, a £2,500 prize, two prizes of £500 and a £250 prize. Coventry said savers who make a deposit in the account for 11 months in a row would be eligible for the bonus draw.

"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," Joanne Forsyth, branch manager at Coventry Building Society’s Oxford branch, said in a statement.

Coventry positioned the offering as an alternative to NS&I’s Premium Bonds, which do not pay interest but offer larger potential jackpots — including a top prize of £1 million — and whose prizes are tax-free. Coventry’s account combines a regular interest return with smaller, more frequent prize opportunities.

A customer saving the maximum £150 a month into the Sunny Day Saver would hold £1,841.93 after 12 months, Coventry said, including £57.90 of interest earned. Regular savings accounts are designed to encourage a habit of saving by rewarding consistent deposits with higher rates than some easy-access accounts.

There is no requirement to save every month to keep the account open, but only months with at least £10 deposited qualify for that month’s prize draw. Coventry has set the account up as a limited-time offer, with account openings confined to the launch window in September; details on whether the product will be extended or reopened were not provided.

The product follows a wider trend among financial institutions to combine conventional interest-bearing accounts with prize-linked mechanics to attract savers. Regulators have previously allowed such structures while advising providers to make terms and eligibility clear to consumers. Coventry’s full terms and conditions, including eligibility, tax treatment of interest and prizes, and withdrawal restrictions, are published on its website.