In partnership with 14 credit unions across Britain, we offer the Government’s credit union PrizeSaver Scheme. Our members can win up to £5,000 a month which is the savings account bonus. The initiative aims to help people increase their financial resilience while boosting awareness and membership of credit unions.
What is the Prize Saver scheme?
The scheme has increased membership for credit unions, and the participating credit unions have distributed over £100,000 to winners. The 14 credit unions currently manage 14,153 accounts, with members saving over £1m across all accounts.
What we had to say about this savings account bonus
Commenting on the success of the scheme, South Manchester Credit Union CEO, Sheenagh Young said:
“We are proud to belong to this national initiative and to keep on offering PrizeSaver accounts to residents of South Manchester. We know the power of personal savings and this is a strong way to encourage a saving habit; account holders never lose, they can only win!”
Launched by Government in 2019 in partnership with 15 ABCUL credit unions, each month will see a top prize of £5,000 awarded to the winning saver, with a further 20 smaller prizes of £20 also awarded.
Fintech company Incuto was appointed by the Treasury in 2019, to administer the pilot and run the prize draw each month. The move was part of the Government’s drive to use innovative UK Fintech companies to boost financial inclusion through partnering with credit unions.
“It gives account holders the chance to win prizes every month in order to incentivise them getting into a savings habit,” says CEO of the Association of British Credit Unions, Robert Kelly.
“Credit unions have a proven track record of helping people to save and to improve their financial resilience. Our sector has helped members to build up savings of over £1.7bn and encouraging saving is central to what we are all about. That’s why this saving scheme fits so neatly into the credit union mission.”
The ‘Save to Win’ scheme in the US partly inspired the PrizeSaver scheme, which has helped credit union members save $200million and has awarded $3.1million in prizes nationwide.
The 14 credit unions participating in the scheme
The 14 credit unions participating in the scheme are:
1st Alliance (Ayrshire) Credit Union
Central Liverpool Credit Union
Credit unions
Our savings accounts continue to provide bonuses to our members.
We are authorised by the Prudential Regulation Authority and regulated by the Financial Conduct Authority and the Prudential Regulation Authority. They are covered by the Financial Services Compensation Scheme, so the first £85,000 of a member’s savings is completely safe.
To find your local credit union, visit: www.findyourcreditunion.co.uk
