Prize-Linked Savings in Credit Unions: 2019
Categories: GamificationPrize-Linked Savings
As with previous years, prize-linked savings (PLS) products continued to grow in 2019. An additional 1.8 million people gained access to PLS products last year, bringing the total to 5.3 million consumers who now have the option to build savings in a fun and engaging way. Each PLS product described here experienced growth, including Save to Win (STW), the largest product currently offered; WINcentive Savings Accounts (WSA), offered by the Minnesota Credit Union; and Lucky Savers (LS), which is based in New York. Twenty-five states are now offering PLS products, with the number of credit unions offering PLS products increasing to 234 (an increase of 32 since 2018).