What is pls account?
A PLS account means Prize Linked Savings account. This is where a savings institute such as a credit union or bank awards a grand prize for people who open and/or contribute to a savings account. It works similar to a lottery to encourage people to save.
Every time someone contribute to their account they are given a ticket. The institute takes the money gained from interest acquired by the loaning of the savings people have and offers it as a whole lump some payout to the person with the winning ticket.
Many states have issues with this because it is seen as a gambling scheme that will affect the states lottery system.
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