Central Liverpool Credit Union has launched a Prize Saver Account.
PrizeSaver is the savings account with monthly prizes.
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.
How it works
The way the PrizeSaver account works is simple: every £1 in a member’s account at the end of each month gives them one automatic entry into the following month’s prize draw, up to £200. This applies across the Credit Union, regardless of the branch you use, i.e. there is one prize draw each month for all members.
Across all 15 credit unions running the scheme, there are 21 prizes up for grabs every month: one headline prize of £5,000, and 20 smaller prizes of £20.
For example, if you have £50 in the account, you have 50 chances of winning. The value of the entries is calculated at the end of each month for the draw that takes place the following month.
So, if you had £25 in the account on 31 January and deposited £5 on the 1 February, you will have 25 entries in the February draw and 30 entries in the March draw.
Like all of our other savings account you can withdraw the money at any time. Deposits attract a dividend and are covered by savings protection insurance.
A pilot programme
The Prize Saver is funded by HM Treasury has agreed to provide a prize draw facility to 15 participating credit unions on a trial basis until April 2021.The prize draw is offered as part of a pilot scheme only. It could be withdrawn at short notice.
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?
Before you apply you must read the terms and conditions.
New members click below to open an account:
Existing members who want to open an account, please complete the short below. New members must complete a full application, as detailed above.