Credit Unions Enter New Round of PrizeSaver Scheme

Thursday 25 January 2024

Launched in 2019, the scheme has raised membership for credit unions and over £120,000 has been distributed to winners among the 14 credit unions. Currently, there are 14,153 accounts with over £1m saved across all 14 credit unions.

ABCUL CEO, Robert Kelly said: “I am delighted to see the next iteration of the PrizeSaver Scheme move forward successfully and the addition of three new ABCUL member credit unions is hugely welcome. The scheme gives account holders the chance to win prizes every month in order to incentivise them getting into a savings habit.

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.

Postal based credit union, Penny Post will be entering the scheme with two additional credit unions offering their members the chance to win in the draw. CEO of Penny Post, Matt Goulding said: “Penny Post is delighted to join PrizeSaver!  The chance to win £5,000 every month is a great way to reward saving and will hopefully attract new members too.

“PrizeSaver is a great way to connect credit unions across the UK, raise awareness, and an opportunity for members to feel part of the wider credit union community. We hope a Penny Post member will be winning the big prize very soon!”

Robert Kelly added: “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 PrizeSaver scheme is partly inspired by the ‘Save to Win’ scheme in the US, which has helped credit union members save $200million and has awarded $3.1million in prizes nationwide.

The 14 credit unions participating in the scheme are:

Central Liverpool Credit Union

Commsave Credit Union

First Rate Credit Union

Lewisham Plus Credit Union

London Capital Credit Union

Merthyr Tydfil Borough Credit Union

Money Matters Credit Union

Penny Post Credit Union

Plane Saver Credit Union

Riverside Credit Union

Serve and Protect CU

South Manchester Credit Union

Wave Community Bank

Westcountry Savings and Loans 

Please contact the credit unions above for more details on PrizeSaver and how you can get involved.