Livonia, MI, July 25, 2019 --(PR.com
)-- Save to Win, a national prize-linked savings program managed by CU Solutions Group, is celebrating its 10th anniversary and three million dollars in prizes awarded to members since 2009. The program counts nearly $200 million in savings for credit union members to date, as well as $50 million in savings through the first half of 2019. Additionally, due to changes in state legislation permitting prize-linked savings accounts, Save to Win is now available to credit unions and their members in the states of California, Georgia, Ohio, Kentucky, Utah and most recently, Hawaii.
Save to Win is the nation’s largest prize-linked savings program, assisting low-to-moderate income credit union members in improving their saving habits and financial knowledge. The Save to Win program offers members a 12-month share certificate that allows unlimited deposits throughout the year, which qualifies them to win monthly and quarterly cash prizes. Opening the account only requires a $25 deposit, a low barrier to entry which makes it appealing and accessible to consumers with lower incomes. Account holders earn a raffle entry for every $25 deposited in the account, up to a maximum of 10 entries per month.
Save to Win was developed and launched as a joint effort between the Michigan Credit Union League, the Filene Research Institute and Commonwealth. The program started with eight credit unions in Michigan, and over the last 10 years, expanded to 127 credit unions in 16 states.
“Save to Win has proven to be a prize-based tool for motivating smart saving,” said Dave Adams, president & CEO of CU Solutions Group. “Low-balance savers sometimes benefit from a nudge to get them started with good savings habits. This program helps credit unions offer a fun, mission-driven savings product that helps members, especially those with unestablished savings habits, create a better financial future.”
According to statistics from Save to Win, 66 percent of participants say they were unable to cover three months of expenses on their savings before entering the program. Nearly 11 percent of participants say they joined their credit union solely to take part in the program, 57 percent have never held a CD before and 63 percent say they are considering other products from their credit union.
“The Save to Win program aligns perfectly with our mission to build our community and our members,” said Eric Bruen, president and CEO of Desert Valleys Federal Credit Union. “The moment that prize-linked savings were authorized in California, we jumped at the opportunity to join the program. We launched in April and in our first three months, we opened 301 Save to Win accounts representing 6.9% percent of our members. Members have combined to save more than $65,000 in the first 90 days. They are now incentivized to save, which will certainly help them maintain healthy financial habits.”