Walmart and Green Dot Launch Savings Program
Walmart and Green Dot unveiled their “Prize Savings” program, a savings incentive program available to all Walmart MoneyCard holders.
The “Prize Savings” program is the first national and retail-offered savings program of its type. Walmart MoneyCard users will be able to enter a monthly sweepstakes for hundreds of cash prizes–just for saving money. There are three steps:
- Users log in to the Walmart MoneyCard website or app to transfer money from their MoneyCard into the MoneyCard Vault, which is a free savings feature that is linked to their account.
- For every dollar a customers saves in the MoneyCard Vault, they will earn an entry for the monthly prize drawing.
- 500 cash prizes will be awarded each month, including a $1,000 grand prize. Cash prizes will be deposited onto the winners’ Walmart MoneyCards.
The prize-linked incentive program was developed in response to research that indicates Americans are not saving enough money. According to the Federal Reserve Board of Governors, 90% of households have less than 2% of their disposable income saved.
“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 of Services at 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 was officially launched in August, and MoneyCard Vault usage is already up 130%. MoneyCard Vault users are saving an average of 35%, and 1,500 customers have won prizes.