As recent research highlights, there is a savings crisis in America – in fact, 90 percent of households have less than two percent of their disposable income saved. In response, Walmart and Green Dot announced the introduction of “Prize Savings,” a prize-linked savings incentive program available to the millions of Walmart MoneyCard-holders.
“Prize Savings” is the first national and first retail offered prize-linked savings (PLS) program. With this new offering, Walmart MoneyCard customers can now enter a monthly sweepstakes that awards hundreds of cash prizes just by saving up. It happens in three easy steps. Here’s how it works:
- To play, users simply log into the Walmart MoneyCard app or website to transfer money from their Walmart MoneyCard balance into a separate MoneyCard Vault, a free savings feature within their account.
- Each dollar a customer saves in their MoneyCard Vault equals one entry in that month’s national drawing.
- The sweepstakes will award 500 cash prizes every month, including a $1,000 grand prize. Cash prizes are deposited directly to the winners’ Walmart MoneyCards.
Customers always come out on top – there is only an opportunity to win prizes. No money is ever lost for participating.
“According to The Federal Reserve Board of Governors, nearly half of all U.S. families can’t cover a $400 emergency with their savings. That’s a reality we don’t want our customers to have to live with, and we thought we could help,” said Daniel Eckert, senior vice president, Services, Walmart U.S. “Using our size and scale to take on issues that are affecting our customers is at the core of what we do. Along with Green Dot and Commonwealth, we think ‘Prize Savings’ can help drive change and address an important issue in a new, innovative way.”
Prize Savings, which officially launched in August, has already made a difference. Since the launch, usage of the MoneyCard Vault is up more than 130 percent. MoneyCard Vault users are, on average, saving 35 percent more. Fifteen hundred customers have won cash prizes.
“Prize Savings” is fully-integrated into the Walmart MoneyCard prepaid debit card and allows customers to save money through the Walmart MoneyCard Vault[iii].
“Millions of Americans have come to the Walmart MoneyCard to get control of their money, avoid overdraft fees, and not have to worry about a credit check to get a card,” said Steve Streit, chairman and chief executive officer of Green Dot Corporation. “’Prize Savings’ introduces an opportunity for these customers to get even better control of their finances, encouraging them to build a safety net to protect themselves when they need some emergency funds and save for the future. By working with Walmart in this effort, we’re giving millions of our customers tools, and cash-prize motivation, to make that happen.”
Walmart and Green Dot enlisted the help of Commonwealth, formerly known as D2D Fund, a national organization that has led the creation of prize-linked savings (PLS) products and policies in the United States to create “Prize Savings.” Commonwealth’s PLS innovations have generated over $153 million in savings by more than 75,000 Americans—many of whom were first-time savers.
“Saving is the first step to ensuring financial opportunity and security,” said Tim Flacke, executive director, Commonwealth. “Prize Linked Savings programs have a proven track record of helping financially vulnerable Americans start and build savings and we are thrilled to collaborate with Walmart and Green Dot to expand the power and reach of PLS across the country.”
Consumers can learn more about the “Prize Savings” sweepstakes, including the Official Rules, and pick up a Walmart MoneyCard for just $1 at any Walmart store or at www.WalmartMoneyCard.com/PrizeSavings.