Savers' award draws


#1

Great idea and incentive to good financial behaviour! Could you please clarify how the lucky winners will be selected? The YouTube demo video suggests those with the highest number of points/tickets will be selected, however the online T&Cs suggest it could be a random draw? :thinking:Preformatted text


#2

We will be ideating on this as we go along - will always be ‘more points’ based on how good you have been financially. The question is what you can use those points for… @robert has been playing with the idea of a ‘dozens currency’ that you can use for various upgrades and discounts too.

As of now, more ‘points’ (or nominations as we call them) you have, better the chances of you winning £100 every month in the lucky draw. There will be upto 10 winners every month. The rationale to not do it based on ranking is that the purpose of this feature is to drill in the good habits:

  1. Check your spend daily (we gauge this by you rating your transactions happy-unhappy-neutral)
  2. Stay on budget weekly
  3. Save in a bomd monthly
  4. Ensure investments are on track yearly (note this allows your investment to go down in value but more importantly focuses you on probability of hitting investment goal in time)

So we award more points/nominations as you keep doing the same thing consecutive days etc. This helps the habit forming but would disincentivise late starters if we didn’t randomise the draw. As an early starter would still remain higher probability, we concluded this the fairest experiment to start with.

Note that the draws don’t start till April, so there is time.

Hope this helps - will also address this in #askac this week.

Thank you for your custom :slight_smile:

Best,
AC