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Best Prize Linked Savings Account

Introduction

Saving money is an essential part of building financial security, but let’s be honest, it can be a bit boring. That’s where prize-linked savings accounts (PLSAs) come in. These innovative accounts offer the potential to win big prizes just for saving money. In this blog post, we’ll take a closer look at PLSAs and highlight some of the Best Prize Linked Savings Account options available.

What are Prize-Linked Savings Accounts?

Prize-linked savings accounts are savings accounts that offer account holders the chance to win prizes in return for saving money. These accounts are typically offered by credit unions and community banks, and they work by pooling a portion of the interest earned on all account balances into a prize fund. The more money you save, the more entries you get into the prize drawing.

Best Prize-Linked Savings Accounts

There are several prize-linked savings accounts available, but some stand out from the rest. Here are three of the best options:

1. Save to Win

Save to Win is a prize-linked savings account offered by credit unions across the country. Account holders can enter to win monthly and quarterly cash prizes ranging from $25 to $5,000. To enter, you must agree to save a set amount of money each month for a year.

2. Lucky Savers

Lucky Savers is another prize-linked savings account offered by credit unions. It works similarly to Save to Win, with monthly and quarterly prize drawings ranging from $25 to $5,000. However, Lucky Savers allows account holders to enter the drawing multiple times per month for each $25 deposited.

3. Prize Savings Account

The Prize Savings Account is offered by Wintrust Bank and is available to residents of Illinois, Wisconsin, and Indiana. This account offers a chance to win monthly and quarterly prizes ranging from $100 to $5,000. To enter, account holders must maintain a minimum balance of $25.

Conclusion

Prize-linked savings accounts offer a fun and exciting way to save money. By offering the chance to win prizes, these accounts can help motivate people to save more. If you’re interested in opening a PLSA, be sure to research the options available to find the best account for your needs.