New Prize Saver Account
The Prize Saver pilot is designed to encourage new and existing credit union members to save, starting with as little as £1 a month. The pilot also aims to attract new members to credit unions, who play a vital role in financial inclusion in particular as an alternative to high-cost lenders
The account is partly inspired by the ‘Save to Win’ scheme in the US, which has helped credit union members save $200 million and has awarded $3.1 million in prizes nationwide.
The pilot will run until the end of March 2021 and will help inform understanding of the Prize Saver model. The Treasury will work with participating credit unions to evaluate the success of the Prize Saver accounts throughout the pilot, with an ambition to roll the account out more widely if successful.
For every pound put into the savings account, savers will receive an entry into the prize draw, with a maximum of 200 chances to win per month. For example, if a member saves £20 in their first month they will get 20 chances at winning. If they save an additional £30 in their second month they will then have 50 chances of winning.
1st draw will be 16th December
Easy to join, pop into the Kilwinning office or give us a call 01294 557123