Halifax will give out its final prizes as part of its 14-year-old perk scheme now coming to an end. Halifax has announced that it is stopping its Savers Prize Draw, which gave customers of the popular high street bank the chance to win up to £100,000 every month. Savers who have more than £5,000 in their savings account were eligible to win the massive sum, as well as up to 100 prizes of £1,000 and 1,500 of £100.

There was also a "super-draw" which gave savers the chance to win a staggering half a million. The perk was popular with customers as it gave them a chance to win big amounts without any risk of loss. Halifax is part of the Lloyd's Banking Group, which has around 27 million customers across the UK. Halifax's website says that the draw has now officially ended, and the relevant section of the site will be removed in "due course".

The news was first revealed in June of this year, with a spokesperson from Lloyd's Banking Group telling The Sun at the time: "Our customers' expectations continue to change, and we are taking the opportunity to look at how we can reward customers in different ways in the future.

"Our Savers' Prize Draw has made a huge difference to thousands of customers, with over £100 million awarded since our first draw in 2011."

In a statement to customers earlier this year, Simon Caddick, the bank's savings director, said: "Before it closes, you'll automatically be entered into the remaining prize draws if you qualify. We'll let winners know within one month of the draw taking place, so it's a good idea to make sure your contact details are up to date."

Experts have suggested alternatives if customers still want the chance to win money based on what they save. Which? suggests Premium Bonds.

This savings product from Treasury-backed National Savings and Investments (NS&I) allows customers to be entered into a monthly prize draw instead of earning interest on their savings. Prizes start at a modest £25 but can reach as high as £1 million.

Customers are awarded an entry to the draw for every £1 between £25 and 50,000 they invest. Like many of these draws, it is only available for adult savers aged 16 and over.