Prize Savings, a Prize-Linked Savings (PLS) feature of Walmart’s MoneyCard prepaid card, is now available across the country. This means millions of people nationwide now have access to a fun, engaging and rewarding way to build emergency savings.
“We saw a growing crisis in the US around having access to…rainy day funds” said Daniel Eckert, Walmart Senior Vice-President. Walmart and Green Dot enlisted the help of Commonwealth to create Prize Savings, a PLS feature fully-integrated into the Walmart MoneyCard prepaid debit card issued by Green Dot Bank. Prize Savings rewards card holders who deposit money in the card’s savings pocket, the “Vault,” with a chance at a cash prize.
“We are seeing some really great results so far. We saw immediately a 45% increase in the number of users of the Prize Savings Vault,” said Eckert. PLS products have been offered through credit unions since 2009 and more than $145 million has been saved in over 66,000 accounts - with an estimated 81% of PLS accounts held by financially vulnerable people.
This is an exciting, positive step forward towards increasing the financial security of millions of people.
PLS has been evolved over the years - see our infographic to learn more about its history. You can also read more about how we use prizes to motivate positive financial behaviors.