Hooray for
Prize-Linked Savings!
Saving money can be hard, that is why Prize Linked Savings (PLS) makes it easier—and fun! PLS incentivizes consumers to save by offering risk-free chances to win money.
The Reality:
More than two-thirds of people in America are not financially healthy. This program can help change how people view saving.
Introducing Prize-Linked Savings
Prize-Linked Savings is a special savings account that provides entries into a prize drawing based on the amount saved.
• Motivate members to save regularly
• Help your members plan for their financial future
• Brand your PLS program to make it your own
• Our proprietary PLS platform helps you easily facilitate the program
How Prize-Linked Savings Works
Your member opens a new prize-linked savings account.
This fully customizable program gives your credit union flexibility to set the minimum deposit amount, maximum number of deposits/entries, and cadence of drawings. Drawings can be set monthly, quarterly or annually—so the more your members save, the more chances they have to win!
Prize drawings can occur monthly, quarterly and annually—so the more a member saves, the more chances they have to win!
Prize-Linked Savings Make a Positive Difference:
As of June 2021 statistics for Prize-Link Savings Programs administered by the Minnesota Credit Union Network
31,295
Total number of open PLS accounts
$55,777,754
Current amount saved (total account ending balance)
$1,262
Average account balance
They Save. You Gain. Everyone Wins!
member benefits:
Improve member's financial well-being
Research-based analysis shows that these accounts improve the financial stability and savings habits of consumers, particularly the financially vulnerable.
It's easy—these accounts are approachable
Prize-Linked Savings accounts motivate all demographics to save and can help your members start planning a healthy financial future. By depositing the minimum amount set by your credit union, your members will earn an entry for a prize drawing!
There is no loser & no risk—the real benefit is SAVINGS
Your members are empowered to save money and improve their financial well-being. Your credit union sees an increase in new accounts, all while building stronger relationships with your members. There's no downside!
CREDIT UNION BENEFITS:
Promote financial well-being
Prize-linked savings accounts incentivize people to save money for the first time and help change overall savings habits.
Easy to manage with our PLS platform
Our Prize-Linked Savings program utilizes a secure proprietary file transfer and security framework.
Gateway to using traditional financial products
According to a 2020 survey of PLS account holders, PLS makes them more excited about their credit union. Participants said that building savings would make them more likely to use other financial products at their credit union.
Interested? Let's talk.
If you’re a credit union looking to learn more about our Prize-Linked Savings program, please connect with us or sign up for one of our upcoming online demonstrations.
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