TERMS & CONDITIONS

1. Savings in the Prize Linked saving 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. An individual 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 2 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 member’s shares in the credit union, including savings in the Prize Linked Savings account can be used to pay off a member’s loan should they be in arrears.  
8. Metro Moneywise reserve the right to close the Prize Linked Savings account to new members at any point.  
9. Metro Moneywise reserve the right to terminate the Prize Linked Savings product by giving members 3 months notice.  
10. Metro Moneywise will not be liable for 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 the month, or the next working day.  
13. The draw will be made by an IT system and will be a random draw, and members can therefore win on more than one occasion.  
14. The amount of the prize will be determined by the Board of the credit union on an annual basis, and subject to review. The details of the prizes available will be published on the credit union 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 the deposit of regular savings, or lump sum amounts.  
17. All savings in the PLS account are 100% guaranteed by the Financial Services Compensation Scheme. 
18. The maximum amount a member can save in a Prize Linked Savings account is £5000. 
19. Members must keep a minimum balance of £10 in the Prize Linked Savings account in order to be eligible to win.  
20. The combined amount of all savings accounts and the Prize Linked Savings account shall not exceed the overall maximum amount permitted by the credit union rules applicable at the time (currently £15,000). 
21. The existing rules requiring minimum payments of £1 per week or £5 per month to maintain share accounts shall continue to apply not withstanding any payments made into the Prize Linked Savings account.   
22. Members who have a loan and who wish to have a Prize Linked Savings account will only be able to transfer funds into their Prize Linked Savings account up to the amount of any available balance.  
23. The available balance is defined as the amount over the total value of 2 months loan repayments, plus £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.

To open an account please download the Metro Moneywise Credit Union App or email info@metromoneywise.co.uk