Coventry Building Society launches 'Sunny Day Saver' with monthly prize draws and £5,000 bonus
New regular saver pays 4.3% interest and enters depositors into monthly cash prize draws as an alternative to Premium Bonds
Coventry Building Society on Wednesday launched a regular savings account that pays interest and enters depositors into monthly prize draws, offering a top bonus prize of £5,000 for savers who contribute consistently.
The "Sunny Day Saver" pays 4.3% on deposits and allows up to £150 a month to be saved. The account can be opened for a limited period in September 2025 with an initial deposit from £1. For each month a saver deposits at least £10 they are entered into that month's draw; there are 11 monthly draws from October 2025 to August 2026 and a separate bonus draw in August 2026 for those who have saved in 11 months.
Coventry said each monthly draw will award 10 cash prizes: one prize of £500, three of £200 and six of £50. The first draw will take place on 17 October 2025 and subsequent draws will be held within the second week of each month through August 2026. The bonus draw, scheduled for 14 August 2026, will offer one prize of £5,000, one of £2,500, two of £500 and one of £250.
Joanne Forsyth, branch manager at Coventry Building Society’s Oxford branch, said the account gives savers "the best of both worlds — a chance to win monthly cash prizes and earn interest on their savings." Coventry positioned the product as an alternative to National Savings & Investments' Premium Bonds, which do not pay interest but offer larger top prizes and tax-free payouts.
A saver who deposits the maximum £150 each month would have £1,841.93 after 12 months, including £57.90 in interest at the advertised rate. There is no requirement to save every month to keep the account, but only months with at least £10 deposited qualify for that month's prize draw.
Regular saver products aim to encourage consistent saving habits by offering higher rates or incentives in exchange for monthly contributions. Coventry's offering combines a fixed interest rate with prize-draw incentives, unlike Premium Bonds where the return is exclusively through tax-free prizes and the potential for a much larger top award.
The Sunny Day Saver will be available to open only during a window in September, Coventry said; terms and conditions apply. The society did not provide details on tax treatment of interest or prize money in its announcement; Premium Bonds prizes are tax-free. Savers considering the new product should review eligibility, withdrawal rules and any applicable taxes before opening an account.
