About Prize-Linked Savings

Prize-linked savings (PLS) accounts offer the thrill of winning cash prizes with no risk of losing savings. With real rewards, rules, suspense and possibility, even if you don’t win a drawing, you still win by having more money than you started with!

  • A FINRA study of Millennials (age 18-34) found that 67% had no rainy day funds and 43% use costly non-bank borrowing methods
  • 1 in 3 Americans has $0 saved for retirement
  • 28% of people over 55 have no retirement savings
As of May 2018, there are 17 active PLS products in market, and more under development. Credit unions have been the standard bearer for PLS in the U.S., with a long history of individual institutions offering their own products as well as multiple “off-the-shelf” options—in which credit unions can offer products operated by a third party—now operating in 15 states. Since 2009, credit union members have opened over 82,000 PLS accounts and saved over $190 million.