credit union-based savings program launches with $140,000+
Indiana’s credit unions are reinventing the way they
think about traditional savings products and are starting to
offer members a new savings concept that offers multiple benefits.
The Indiana Credit Union League and 12 credit unions across
the state, including Members Choice Federal Credit Union, are
collaborating to offer an innovative savings program called
Save to Win. By making a $25 deposit, members at participating
credit unions will be entered into drawings throughout the
year and will get chances to win cash prizes – all the
while building their savings balances.
The best part of the program is that members get to keep all
the money they save plus interest regardless of the drawing
outcome. Save to Win rewards credit union members for saving
money, not for spending money.
Launching at Members Choice FCU on April 1st, this prize-linked
savings account gives members the chance to win monthly and
quarterly prizes from two different prize pools. The state
level prize pool will feature monthly and quarterly prizes
ranging from $50 - $1,000 and a national prize pool will offer
quarterly prizes from $25 - $5,000. The combined prize pool
is more than $140,000 in 2016. Credit union members just need
to save their money to qualify. Savers can earn entries for
every $25 they save in a given month, with a maximum of ten
entries per month. The first prize drawing will take place
“Save to Win offers an option for developing good savings
habits and improving people’s financial situations. A
saver getting the maximum amount of entries will save more
than $3,000 at their credit union over a year,” said
Indiana Credit Union League President John McKenzie. “As
member-owned cooperatives, credit unions are especially focused
on member benefits, and this program is all about helping members
Indiana passed prize-linked savings into law in 2014. In 2015,
Indiana’s credit unions partnered with the Indiana Credit
Union League and Save to Win to begin making plans for the
2016 rollout. The program was first offered in Michigan in
2009 and has continued to grow and flourish in other states.
Indiana is one of just nine states whose credit unions are
offering Save to Win.
Visit the Save to Win site
today. View the Official
Save to Win Rules.