A DREGHORN woman is celebrating after winning £5,000 thanks to a new credit union scheme.

Marlynn Lowe, a 1st Alliance Ayrshire Credit Union member, won the national PrizeSaver jackpot – a new initiative which is designed to encourage new and existing members to save money and have the chance to win prizes.

The pilot is partly inspired by the ‘Save to Win’ scheme in the US, which has helped credit union members save $200 million and has awarded $3.1 million in prizes nationwide.

For every pound put into the savings account, savers will receive an entry into the prize draw, with a maximum of 200 chances to win per month.

For example, if a member saves £20 in their first month, they will get 20 chances at winning. If they save an additional £30 in their second month, they will then have 50 chances of winning.

1st Alliance Ayrshire is the only Scottish Credit Union taking part in the pilot which is backed by HM Treasury.

The pilot aims to attract new members to credit unions, who play a vital role in financial inclusion in particular as an alternative to high-cost lenders.

Marlynn, was delighted to have won the top national prize for May and it was made even sweeter after she found out the good news on her birthday.

She said: “I cannot believe that I have won., I will spend the money on my garden as I am self-isolating.”

The pilot will run until the end of March 2021 and will help inform understanding of the PrizeSaver model. The Treasury will work with participating credit unions to evaluate the success of the PrizeSaver accounts throughout the pilot, with an ambition to roll the account out more widely if successful.


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