PrizeSaver anyone?

dhokes

YellowStarling said:

Sorry to hijack this thread but, rather than start a fresh one, I thought I'd leave it contained to this one - Does anybody know if the next draw around 15th Feb will be the final one?   Looking at the FAQs on the PrizeSaver pilot's site, it advises that it expects the final draw to be drawn "no less than 6 weeks before the end of the pilot" (which is the end of Mar this year, from the same FAQs, so places the last draw neatly at February's). 

Alternatively, does anybody know if the pilot is being extended/formalised into an official offering, or know of the best places to check for those sorts of announcements (presumably emails from our individual CUs and the PrizeSaver website may be best)?  I know it's only £200 but would be good to know if it's coming to an end.

Link to FAQs here (may need to scroll down the page)
https://prizesaver.co.uk/

On the Clockwise PrizeSaver webpage - 'The monthly prize draws will end in April 2021' so I'm guessing it hasn't been extended.

quirkydeptless

Well even though I've not won any Prize Saver draws, it did prompt me to join Commsave Credit Union which paid me a 2.25% dividend in January. I should have saved more in it!

gozaimasu

I won £20 which is a good return on £200 for a year.

dhokes

Does anyone know when exactly the last draw takes place?

YellowStarling

No, I have periodically been looking for an announcement over the last few months, either through email from my CU or in the main stream media. 

The FAQs on the PrizeSaver's own website are a little contradictory:  Under the "Pilot" heading, they advise that the pilot itself would "run until March 2021" whilst, under the "Prize Draws" heading, the FAQs advise that "(the) final prize draw will take place no less than six weeks before the end of the pilot."  In other words, for a pilot ending at the end of March, then the 15th February 2021 draw should have been the final one, however there was a 15th March 2021 draw.  Incidentally, the PrizeSaver website only updated the Feb 2021 winners when it announced the Mar 2021 winners, so all feels a bit deprioritised.

I am assuming our CUs will message us if and when the pilot ends, whether entirely or because it is extended/made a formal offering but, until then, I'll leave my £200 in on the last working day of the month to be entered into any future draws.

Website here: https://prizesaver.co.uk/ (scroll to or click FAQs).

colsten

I have also just noticed I won £20 in the February draw - brilliant return on my £200 stake, happy days!

masonic

colsten said:

I have also just noticed I won £20 in the February draw - brilliant return on my £200 stake, happy days!

Congrats, I've not been lucky so far, but good news that I have some more time to try and get some return on my £200 (assuming Notts also continues).

quirkydeptless

I got an email from Commsave Credit Union Today with:

"We are delighted that the PrizeSaver Account has been extended for another six months. Originally scheduled to run until this month, the account will now be availabe until at least September 2021.
This is great news for Commsave members, who have already won a combined total of nearly £60,000 through the account, since it launched back in late 2019."

Sadly none of the £60000 was me, but with the dividend payments it's still better than a lot of my other savings accounts.

Zanderman

West Country CU also confirm extension but make the point that it's now run by the CUs, not HM Treasury.
Not clear whether this means it's now all internal CU funding or whether the Gov is still funding it.  

1. HM Treasury is no longer involved, and the organiser is now the Association of British Credit Unions Ltd (ABCUL). ABCUL is the main trade body for credit unions in the UK and we are confident the scheme will continue pretty much as it has done over the last 18 months.
2. The Terms and Conditions and Privacy Notice have been updated with this change and are attached. They can also be found on our website.
3. The scheme will continue to at least the end of September 2021.

dhokes

Just spoke to someone on Clockwise's chat facility. - "Hi, The prize saver account has been extended to end in October at present."