LIVONIA, Mich.— Save to Win, the national prize-linked savings program managed by CU Solutions Group, is marking its 10th anniversary.
Over that time more than $3-million in prizes have been awarded, while it has helped attract $250 million in savings from credit union members through the first half of 2019, according to the company.
Save to Win, which pioneered the concept of prize-linked savings programs nationally, is now available to credit unions and their members in the states of California, Georgia, Ohio, Kentucky, Utah and most recently, Hawaii.
According to CU Solutions Group, 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,” the organization said.
‘Appealing & Accessible’
Opening the account requires a $25 deposit, which CUSG said is a low barrier to entry that 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 the Commonwealth. The program started with eight credit unions in Michigan, and over the last 10 years, expanded to 127 credit unions in 16 states, CUSG reported.
“Save to Win has proven to be a prize-based tool for motivating smart saving,” said Dave Adams, president and 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.”
‘Aligns’ With Mission
Statistics provided by Save to Win show 66% of participants say they were unable to cover three months of expenses on their savings before entering the program. Nearly 11% of participants say they joined their credit union solely to take part in the program, 57% have never held a CD before and 63% 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% 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.”