Prize-linked savings pilot participants announced

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.