Gov. Carney Authorizes Banks and Credit Unions to Offer Prize-Related Savings Accounts

Governor John Carney recently signed House Bill 31, which authorizes prize-linked savings accounts in Delaware. These accounts will help people contribute more to their savings accounts and avoid financial trouble after unplanned expenses.

Prize-Linked Savings

Prize-linked savings programs, or PLS programs, make customers eligible for a cash prize when they make a deposit into their savings account. The more deposits an account holder makes, the greater their chance of winning. Like a raffle, each deposit of a specified amount earns the account holder one entry into the prize drawing.

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