London Capital Credit Union is now offering a new PrizeSaver account, where savers who put away as little as £1 have the chance to win a top prize of £5,000 every month.
- PrizeSaver account offers members the chance to win one of 21 cash prizes every month
- Every £1 saved is one entry into the monthly prize draw
- Part of a HM Treasury-backed pilot involving 15 credit unions around the country
Savers could boost their savings with prizes of up to £5,000 a month with London Capital Credit Union’s new PrizeSaver account. London Capital Credit Union is one of 15 credit unions across Great Britain working with the Treasury to pilot the new account, which aims to encourage saving and get more people to join credit unions.
Every month will see a top prize of £5,000 awarded to one lucky saver, with 20 smaller prizes of £20 also awarded. Accounts are available now and you can see the most recent winners at www.prizesaver.co.uk.
In 2018 it was revealed that one-quarter of British adults had no money in savings (1). The Credit Union PrizeSaver pilot is designed to help improve people’s financial resilience by encouraging better saving for the future, as well as to attract new members to credit unions. Since the pilot began in October, more than 6,000 accounts have been opened (2).
Economic Secretary to the Treasury John Glen MP said: “Saving for the future is something we all try to do, but we know it can sometimes be challenging. That’s why we teamed up with credit unions across the country to launch this new account, giving savers the chance to win up to £5,000 every month.”
Chief Executive of London Capital Credit Union Martin Groombridge said: “With over 20 prizes each month and a top prize of £5,000, what better way to kick start your savings habit than with one of our PrizeSaver accounts?
“We know that finding the money to save isn’t always easy, but by putting away a little bit each month you could soon build up a nest egg for any unexpected bills, Christmas presents or treats such as a holiday – with the added bonus of knowing you could be in with the chance of a monthly prize.”
Credit unions are a type of member-owned co-operative, controlled and run by members. Credit unions redistribute their profits to members through interest or dividends, or by investing in new services to meet the needs of their members.
London Capital Credit Union provides secure savings and low-cost loans for anyone living, working or studying in Barnet, Brent, Camden, City of London, Enfield, Hackney, Haringey Islington or Waltham Forest.
Membership of the credit union is also open to any member of Unite the Union or Unison in Greater London, any member or employee of The Co-operative Group in London and the South East Region, and the employees of many other local and national organisations.
Find out more at https://www.credit-union.coop/prizesaver.
2) As of 24/02/20.