Savings account offers 5% interest plus monthly cash prize

Coventry Building Society introduced a ‘Sunny Day Saver’ account that gives regular savers monthly cash prizes.

The account offers a 5% interest rate for a 12‑month term and provides the opportunity to win cash prizes up to £500.

The Sunny Day Saver aims to motivate people to set aside up to £150 each month for memorable occasions – their ‘sunny days’.

It is offered for a limited period in September and can be opened with a minimum deposit of £1.

While monthly deposits are not mandatory, adding at least £10 in a given month qualifies the saver for that month’s prize draw. Ten cash prizes of up to £500 are available.

Customers who meet the criteria for all 11 monthly draws will also be entered into a separate draw with a top prize of £5,000.

After the 12‑month period, the customer’s savings automatically move to the statement‑based Easy Access Saver (Maturity).

Mike Mendham, head of savings at Coventry Building Society, explained: “Having something to look forward to is often the best motivation to save. Whether it’s a dream getaway, a <a href="https://parentmoneylife.com/2026/09/09/the-modern-family-size-is-changing-four-charts-and-a-map-show-how/” title=”The modern family size is changing. Four charts and a map show how.”>family experience, or a personal milestone, our Sunny Day Saver helps people build their savings while keeping those exciting goals firmly in sight.

“While it’s important to prepare for life’s rainy days, it’s equally important to save for the moments that bring us joy.”

He noted that, unlike Premium Bonds, this account also provides interest to savers.

He added: “For those who save regularly each month, there’s the added benefit of being entered into a larger prize draw.

“It gives savers the best of both worlds: the opportunity to be rewarded through prizes, alongside the confidence that their money is growing over time, whether they win or not.”

The product was introduced shortly before UK Savings Week, scheduled for 21–27 September.

Mendham described it as an ideal chance to consider future objectives and how modest, consistent contributions can turn plans for brighter days into reality.

Rachel Springall, a finance expert at Moneyfacts, called the account a ‘fantastic choice’.

“Not only does the account pay a competitive rate of interest,” she said, “but savers could find the monthly prize draw enticing.

“As an added bonus, even if someone’s savings habit temporarily changes, they can still be eligible for the draw, but diligence to commit and put away some cash every month will give them a chance to win an even bigger prize pot.

“Regular savings accounts are an ideal choice for savers to build up financial resilience, and it can be incredibly beneficial to have an emergency fund set aside to cover unexpected costs.”