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Prize Linked Savings T&C

Prize Linked Savings Terms & Conditions

  1. Savings in the Prize Linked Savings account will not be eligible to receive payment of any dividend that may be approved for share accounts.
  2. Any adult active member aged 16 and over can apply to open an account.
  3. Junior members under the age of 16 are not eligible to open an account.
  4. Each member may only open one Prize Linked Savings account.
  5. Members currently in arrears with their loan repayments will not be eligible to open a Prize Linked Savings account until their arrears have been cleared or the loan is re-scheduled and payments have commenced.
  6. Members who have missed the equivalent of two or more loan repayments will be suspended from the Prize Linked Savings draw until their arrears have been cleared or the loan is re-scheduled and payments have commenced.
  7. All members’ shares in the credit union, including savings in the Prize Linked Savings account, may be used to pay off a member’s loan should they fall into arrears.
  8. Metro Moneywise reserves the right to close the Prize Linked Savings account to new members at any point.
  9. Metro Moneywise reserves the right to terminate the Prize Linked Savings product by giving members three months’ notice.
  10. Metro Moneywise will not be liable for any chances lost by a member as a result of their employer sending their salary deduction late.
  11. The number of chances a member has to win will be decided based on their average balance over the month, from the day after the last draw up to and including the day of the next draw.
  12. The draw will take place on or around the 5th of each month, or the next working day.
  13. The draw will be made by an IT system and will be random. Members may therefore win on more than one occasion.
  14. The amount of the prize will be determined by the Board of the credit union and may be reviewed periodically. Details of the current prizes will be published on the Metro Moneywise website, and it is currently proposed to have a double draw at Christmas.
  15. All savings in the Prize Linked Savings account are instant access and not tied in.
  16. Payments into the Prize Linked Savings account can be made by transfer from a share account or by depositing regular savings or lump sums.
  17. All savings in the Prize Linked Savings account are 100% guaranteed by the Financial Services Compensation Scheme (FSCS).
  18. The maximum amount a member can save in a Prize Linked Savings account is £5,000.
  19. Members must keep a minimum balance of £10 in the Prize Linked Savings account to be eligible to win.
  20. The combined total of all savings accounts, including the Prize Linked Savings account, must not exceed the overall maximum savings limit permitted by the credit union’s rules - currently £85,000.
  21. The existing rules requiring minimum payments of £1 per week or £5 per month to maintain share accounts shall continue to apply notwithstanding any payments made into the Prize Linked Savings account.
  22. Members who have a loan and wish to have a Prize Linked Savings account may only transfer funds into it up to the amount of their available balance.
  23. The available balance is defined as the amount over the total value of two months’ loan repayments, plus the £5 minimum savings balance, plus the value of any lottery tickets.
  24. Prizes won through the Prize Linked Savings account are tax-free, but members are responsible for their own tax arrangements.