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What is a credit union?

A credit union is a financial co-operative that offers affordable credit and handy savings accounts to their members. They are owned and run for their members.

Is my money protected?

Up to £85,000 of your savings are protected by the Financial Services Compensation Scheme – just like a bank or building society.

Who regulates credit unions?

Credit unions are authorised by the Prudential Regulation Authority, and regulated by the UK Financial Conduct Authority and Prudential Regulation Authority.

Can I open a PrizeSaver account?

You should check your chosen credit union’s website to see if you share a common bond with other members. Common bonds can vary, some credit union common bonds may include living or working in the same area, working for the same employer, or belonging to the same trade union or association.

You must also be over 18, be a resident in England, Wales or Scotland, and hold your PrizeSaver account in your own name. You won’t be able to open a PrizeSaver account as a joint account, or as a corporate account.

I don’t have a common bond with any of the participating credit unions

Not all credit unions in the UK offer a PrizeSaver account. However, you may still be able to join another credit union and open a savings account.

Find your credit union: www.findyourcreditunion.co.uk

Can I open more than one PrizeSaver account? 

You can only have one PrizeSaver account. You won’t be able to open more than one PrizeSaver with another participating credit union.

How do prize draw entries work?

Every £1 in your account gives you 1 entry into the monthly prize draw (up to £200). You are automatically entered into the draw every month. The maximum number of entries for each person is 200, equal to £200 in savings.

The number of entries you have in each month’s draw will be based on your account balance on the last day of the previous month (up to 200 entries). For example, your entries into the February draw will be determined by the balance in your account on the last day in January.

How much can I win?

Every month there is one prize of £5,000, and 20 bonus prizes of £20.

What are my chances of winning?

The PrizeSaver account is exclusive to the 14 participating credit unions. In April 2021, there were 14,153 active accounts.

When does the monthly draw take place?

The prize draw will usually take place on the 15th of each month. If the 15th of the month falls on a weekend or bank holiday, the draw may take place on a different date.

Withdrawals and deposits

Can I withdraw my money? 

The best way to withdraw your savings is to speak to your participating credit union.

How much can I deposit in the account?

You can save more than £200, but you won’t get additional prize draw entries. Individual credit unions participating in the pilot may limit the amount you can deposit in your account. You should check with your credit union when opening an account.

Can I get interest on my PrizeSaver account? 

Some, but not all, participating credit unions will offer you interest or dividends on your savings. You should speak to your credit union when opening an account to find out whether they will.

Who runs it?

HM Treasury originally provided a prize draw facility to participating credit unions on a trial basis until April 2021. All 14 participating credit unions, in conjunction with the  Association of British Credit Unions Ltd has now extended the scheme to the end of September 2021.

What happens after 6 months?

The participating credit unions and the Association of British Credit Unions Ltd may elect to extend the scheme. The credit unions will give reasonable notice in advance of any change taking effect, if they have elected to either:

a) terminate the scheme and cease to operate prize draws before the scheduled end date of the extension period

or

b) extend the scheme period.