Buzz Points Announces Prize-Linked Savings
Move gives partner institutions ability to incentivize healthy financial behavior
Buzz Points, Inc., the Austin, TX-based fintech known for its innovative rewards platform for community financial institutions, announced today the launch of their latest product: prize-linked savings accounts.
Buzz Points partners with community banks and credit unions and utilizes data-driven insights to drive consumer behaviors including customer acquisition, product utilization, transaction volume and now healthy financial behaviors. With the Save and Win account, account holders earn entries into a prize drawing by depositing funds into a savings account. Financial institutions benefit with increased deposits and engaged account holders, while consumers develop healthy saving habits by making it fun to save – the greatest impact being on those in the low-to-moderate income range.
The lottery-style savings accounts are currently legal in more than 25 states, and several states have legislation pending that will allow Prize-Linked Savings Accounts.
In addition to prize-linked savings accounts, Buzz Points’ holistic platform solution allows community financial institutions to award points to cardholders when they use their credit or debit cards, or complete targeted behaviors, such as mobile app logins or qualifying for a loan. Points can be redeemed for gift cards, donations to charity, travel and Buzz Points’ unique redemption option: Real-Time Rewards.
“Buzz Points is excited to launch our own Prize-Linked Savings Account program for our partner institutions,” said Dwayne Spradlin, CEO of Buzz Points. “Participating institutions can choose their grand prize and feel good knowing that they are encouraging their account holders to grow wealth and manage their finances in a responsible way.”
With ever-expanding platform capabilities, Buzz Points continues to be a preferred rewards partner for community financial institutions across the United States.