In 2018 the Government announced it would be piloting a Prize-Linked Savings Scheme for credit unions.
Central Liverpool Credit Union is delighted to announce that it will be one of 15 credit unions piloting this initiative.
We’ve long been aware of the contrast where people on limited incomes buy lottery tickets but don’t manage to save for future needs. Despite the chances of winning the lottery being so remote, people keep playing.
Prize linked savings are an alternative to lotteries, with one key feature; a lottery loss means losing money. Not winning on a prize linked savings account doesn’t cost a penny. All money deposited remains untouched.
It’s an extremely attractive offer. Why put money in a normal savings account and earn next to no interest when you can put your money in an account where you have a chance to win money to buy a new TV?
Any member who joins the the Credit Union for a prize linked savings account will receive the same benefits as other members in relation to dividends, low interest loans and free life and loan insurance.
Register your interest: Prized Linked Savings
If you meet our common bond requirements you can join the waiting list by completing the form below. We’ll let you know as soon as the scheme is up and running.
We work with several employers offering payroll deduction. If you would like to bring Prize Linked Savings to your work force, use the form below to let us know.
I never had savings before joining the Credit Union. Just a small amount saved regularly soon builds up and it feels good to know I have money set aside for the future or in case of emergency. I also feel proud that my savings are helping to fund loans in my neighbourhood and helping others to start saving too.