Challenger bank Oaknorth sets up new account which offers savers the chance to win the lottery

Hayley Kirton
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Savers with Oaknorth will also have the chance to share in lottery winnings (Source: Getty)

A challenger bank revealed today it is launching an account which will offer savers a flutter on the National lottery numbers roughly once a month.

Oaknorth's nine-month fixed bond deposit account will offer 0.5 per cent interest, but savers will also have the opportunity to win a share of the National Lottery prize.

Any winnings dished out will be proportional to the amount saved, so the greater the amount of cash somebody has saved with Oaknorth, the more prize money they will be handed if the lender's lucky numbers come up.

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However, if the winnings are less than £100, the bank will use the money to buy more tickets for the next draw. If the winnings from the last draw the bank enters into are less than £100, the winnings will be given to a charity of the bank's choosing.

Oaknorth will purchase tickets for the draws on 22 April 2017, 20 May, 10 June, 8 July, 5 August, 26 August, 23 September, 21 October and 11 November.

The challenger will buy one ticket per draw for each £4,000 invested in the bond. Savers can stash between £1,000 and £100,000 in their account.

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"Our customers already benefit from competitive savings rates, but we thought this would be a fun way to make saving a bit more exciting," said Joel Perlman, co-founder and strategy chief at OakNorth Bank. "We'll be keeping our fingers crossed for all those who open an account and hope this lottery syndicate will make their savings go a little further!"

Oaknorth, which was founded by Perlman and Rishi Khosla, formally launched in September 2015, having secured a banking licence in March of the same year.

The challenger revealed last September it had broken even and was starting to turn a profit, thanks partly to larger players slowing down their lending in the immediate aftermath of the Brexit vote.

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