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In a significant move set to benefit its members, Bedford Credit Union (BCU) has announced the launch of the PrizeSaver Account as part of the national PrizeSaver scheme. This initiative, which is open to credit unions across the United Kingdom, aims to encourage saving by offering members the chance to win prizes, simply for saving money.
How the PrizeSaver Account Works
Members of Bedford Credit Union can now transfer up to £200 into a PrizeSaver Account, provided they have existing savings in a standard account. Each pound saved in a PrizeSaver Account enters members into a monthly national draw, which offers one grand prize of £5000, ten prizes of £50, and ten prizes of £20. Essentially, increasing savings enhances the chances of winning, providing a dual incentive of saving and potential financial rewards.
Boosting Financial Well-being Through Community Support
Ian McEwan, Chair of Bedford Credit Union, expressed his enthusiasm for the new initiative. "We’re delighted to be able to offer our savers the chance to win prizes, simply by having savings with us in a PrizeSaver Account," he commented. He added that members appreciate knowing their savings are safe while also contributing to the community through loans and banking services.
Bedford Credit Union emphasizes simplicity and accessibility in its savings, loans, and banking services, all of which are regulated by the Financial Conduct Authority and the Prudential Regulation Authority. This regulatory framework ensures the security and reliability of services offered to its members.
Community Engagement and Additional Incentives
Source: https://www.bedfordindependent.co.uk/bedford-credit-union-launches-prizesaver-account/
The support for BCU extends beyond its membership, with backing from various local organis
ations including the Bedford and Luton Community Foundation Trust Fund, Bedford Borough Council, The House of Industry Estate, Central Bedfordshire Council, and the Harpur Trust.
Monthly prize draws occur between the 15th and 20th, with winners notified within two working days. To date, over £150,000 has been distributed to lucky account holders. One such winner, Eve, who recently won £5000, articulated the appeal of the PrizeSaver Account. "I was drawn to the East Sussex Credit Union due to its community focus. Especially for young people like me who maybe haven’t got into a routine of saving regularly. The PrizeSaver account is a great incentive because you have the excitement each month in seeing if you have been lucky."
Special Draws and Upcoming Events
In addition to the national monthly draws, Bedford Credit Union is hosting an exclusive draw on October 15, 2024, coinciding with UK Savings Week (September 9-15). Members with at least £1 in their PrizeSaver Account by September 15 will be eligible to win a special prize of £100.
Residents or employees within the BCU common bond area can apply for a Bedford Credit Union savings account. More information about the application process is available online at the Bedford Credit Union website and details about the national PrizeSaver scheme can be found here.
