What is a Prize-Linked Savings Account?

May 6, 2024

Let’s face it – saving money can be hard! When you have extra cash on hand it can be tempting to spend it, but impulse buying can wreak havoc on your savings goals. The good news is that there is a type of savings account that can provide you with a sense of “instant gratification” while still allowing you to save. It’s called a prize-linked savings account. Sometimes referred to as “sweepstakes accounts” or “lottery-linked savings accounts”, they come with a chance to win prizes based on your saving habits, typically in the form of cash. 

Let’s take a closer look at prize-linked savings accounts and how they can be beneficial [Click Here To Continue Reading].