By Francesca James

HALIFAX is to give away £6m every year in prizes to its customers who sign up for a new savings account.

Designed to acknowledge the importance of saving and to reward positive saving habits, Halifax launches the new Halifax Savers Prize Draw. Offering a range of cash prizes from £100,000 through to sums of £100, this innovative scheme will see Halifax savers, with balances of £5,000 or more, gain the opportunity to win a prize in a series of monthly draws.

A first for UK banking, prizes will be paid in addition to the interest already being paid on the individual's savings account. Savers can hold funds in accounts from across the savings range and will still continue to benefit from the interest rate on their account.

Launching on October 3rd 2011, the inaugural Halifax Savers Prize Draw will take place in December this year. Simon Kenyon, Director of Savings said, "The Halifax Savers Prize Draw is designed to shake up the savings market and reignite a savings culture. We know that our customers work hard to achieve their savings goals so this is a great way of rewarding that commitment. Savers can be sure they can continue to earn interest on their funds in addition to the opportunity to win a cash prize in the monthly draw."