First Defence Finance (part of Plane Saver Credit Union), in partnership with credit unions across the UK, will now run the PrizeSaver Scheme originally set up by the Government in 2019 to promote a savings culture. Members of Plane Saver can continue to win a top prize of £5,000 a month and 20 smaller prizes of £20. The scheme has encouraged members to save over £1m, with winners receiving over £100,000 across the 14 participating credit unions.
Commenting on the success of the scheme, the Head of Operations at First Defence Finance, Gurminder Bhagrath said ‘’We are delighted to be able to continue this product for our members. Having had over 60 winners, we are excited to see the scheme continue for the benefit of our members’’.
“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 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:
- First Defence Finance / Plane Saver Credit Union
- 1st Alliance (Ayrshire) Credit Union
- Central Liverpool Credit Union
- Clockwise Credit Union
- Commsave Credit Union
- East Sussex Credit Union
- Lewisham Plus Credit Union
- London Capital Credit Union
- Merthyr Tydfil Borough Credit Union
- Notts & Lincs Credit Union
- Riverside Credit Union
- Serve and Protect CU
- South Manchester Credit Union
- Westcountry Savings and Loans
To open your Prize Saver, click HERE