MADISON, Wis.–Beginning Sept. 14 credit unions in 45 cities will begin offering Saver’s Sweepstakes, a program that rewards participating credit union members in Wisconsin and Minnesota for saving by automatically entering them to win cash prizes.
The program, at www.saverssweepstakes.com, will give a grand prize winner $5,000. Overall, $75,000 in prizes will be awarded in 2018, according to the league.
“This is a tremendous incentive for Wisconsin consumers to save and by doing so, have a chance to win needed cash to weather the occasional financial challenge,” said Wisconsin CU League President and CEO Brett Thompson.
As part of the program, participants open special deposit accounts that pay them dividends while automatically entering them in monthly, quarterly and annual cash prize drawings. Each saver earns one entry into the monthly and quarterly sweepstakes for every $25 in month-over-month balance increases, up to six entries per month.
Prizes on International CU Day
The first Saver’s Sweepstakes accounts will be opened in September and the first prizes will be awarded on Oct. 18 – International Credit Union Day.
Since 2009, more than $190 million has been saved in 30,000 credit union prize-linked savings (PLS) accounts in 13 states, according to data from Commonwealth, the league said.
“Close to 90% of PLS savers were financially vulnerable, but saved more than $2,400, on average,” the league added.