Prize Savings is the first national, retail and prepaid card based Prize-Linked Savings (PLS) program.
It was launched by Walmart and Green Dot in partnership with Commonwealth in December 2016 and demonstrates the use of prizes to address the financial challenge of savings.
To enter, users simply log into the Walmart MoneyCard app or website to transfer money from their Walmart MoneyCard balance into a separate MoneyCard Vault, a free savings feature within their account. Each dollar a customer saves in their MoneyCard Vault equals one entry in that month’s national drawing. The sweepstakes awards 500 cash prizes every month, including a $1,000 grand prize. Cash prizes are deposited directly to the winners’ Walmart MoneyCards.
Prize Savings builds off Commonwealth insights that people will use savings features on prepaid cards and that prizes can motivate positive financial behaviors.