Prize-Linked Savings accounts (PLS), which give savers chances to win lottery drawings, are a successful form of savings motivation currently used in dozens of countries around the world. In the UK, one in every four households uses prize-linked savings in the form of lottery bonds, where they can win a tax-free lottery as a reward instead of earning interest. Research on prize-linked savings has shown that these types of accounts do encourage consumers to save more money, according to the National Bureau of Economic Research.
Get rewarded in any financial account you already have: SaveUp uses Intuit technology so that you can register any existing financial account and earn credits when you save money or pay off debt.
Win real, life-changing prizes: SaveUp prizes range from a $2 million jackpot to scholarships, vacations, a $50,000 debt payoff as well as smaller gift cards and coupons. Prizes are sponsored by brands like Virgin America, Banana Republic or major financial institutions.
Play SaveUp for free: Unlike traditional prize-linked savings accounts, prizes on SaveUp are supported by sponsorship revenues, and you still earn the same interest on your savings account or retirement funds. SaveUp is free to use and is legally registered as a sweepstakes in all 50 states.
Organize your finances in one simple snapshot. SaveUp also provides a simple way to view your net worth in a glance, check your account balances, and track your financial progress.
An independent research study by Filene’s Research Institute found that SaveUp successfully helps people build better financial habits. Since launch, SaveUp members have rebuilt over $1 billion in assets—measured in dollars moved to savings and debt paid off. And even more exciting is that almost 50% of the people who sign up for SaveUp get into a consistent habit of checking their accounts and focusing on saving even six months after signing up.
Are you convinced that you should be saving yet? Join SaveUp now and get rewarded for saving and paying off debt!