“I cannot believe that I have won, I will spend the money on my garden as I am self-isolating”. These are the words of Marlynn who won the headline prize of £5,000 last May.
The PrizeSaver account, run by credit unions alongside ABCUL, is a risk-free draw and is designed to encourage new and existing credit union members to save, starting with as little as £1 a month. The scheme also aims to help members save with their credit unions. We as credit unions play a vital role in financial inclusions, in particular, as an alternative to high-cost lenders.
The account is 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.
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 at winning.
1st Alliance (Ayrshire) is the only Scottish credit union that offers the PrizeSaver account.