Prize-linked savings pilot participants announced

1 Jul 2019 10:43 AM

Last year the government committed to launching a pilot of a new prize-linked savings scheme for credit unions, to help people increase their financial resilience while boosting awareness and membership of credit unions.

Under the scheme individuals who save will be entered into a draw to win cash prizes. Following a competitive application process, the Economic Secretary to the Treasury, John Glen, announced in Parliament that 15 credit unions across Great Britain would pilot the scheme. They are:

• 1st Alliance (Ayrshire) Credit Union
• Bradford District Credit Union
• Central Liverpool Credit Union
• Clockwise Credit Union in Leicester
• East Sussex Credit Union
• Lewisham Plus Credit Union
• London Capital Credit Union
• Merthyr Tydfil Borough Credit Union
• Nottingham Credit Union
• Riverside Credit Union in Liverpool
• South Manchester Credit Union
• Westcountry Savings and Loans in Portishead
• Commsave Credit Union
• Plane Saver Credit Union
• Police Credit Union

HM Treasury are working with a fintech Incuto to deliver the scheme. We are aiming to open the accounts to savers later this year.