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Eighty-six year-old Billie Smith from Lake, MI, a member of Lansing-based NuUnion CU, was presented with the first $100,000 grand prize for the "Save to Win" program on Feb. 4. She is

Tim Flacke of Doorways to Dreams (left) speaks to "Save to Win" winner Billie Smith, along with NuUnion CU's VP of Marketing Chris Day.

one of 11,666 members at eight Michigan credit unions who saved $8.56 million in the first year of the savings raffle. Each $25 deposit in a special savings account entered the saver in drawings for monthly prizes as well as the grand prize.

The well-attended check presentation was held at NuUnion CU's main branch in downtown Lansing and featured representatives from most parties involved with the "Save to Win" program, including the Doorways to Dreams Fund (D2D), the Filene Research Institute, the MCUL, and other credit unions that participated in the pilot program.

Smith was awarded the grand prize before several speakers addressed attendees and the many members of local news media. The event also caught the attention of The Washington Post, which ran an article Feb. 7 covering the program.

"Eighteen months ago this was an idea," said Doorways to Dreams Executive Director Tim Flacke. "Now, in addition to a great story about our grand prize winner, more than 11,500 people have opened accounts and saved money. This is the worst recession in a generation, in a state that has been as hard hit as any, and there are $8.5 million in deposits that have resulted from this product."

Also sharing their enthusiasm for the program were CEOs Hank Hubbard and Karen Church of Communicating Arts CU and ELGA CU, respectively, who explained the success "Save to Win" has had at their credit unions and expressed excitement about their continued participation. Mark Meyer, CEO of the Filene Research Institute, issued

Smith receives the grand prize check from NuUnion CU CEO Steve Winninger.

congratulations to the winner before CU Growth Solutions Vice President Lee Ann Mares spoke on behalf of the MCUL and affiliates.

"We are going to continue to spearhead this product across Michigan and get as many credit unions in our state to participate as possible, because we believe it supports the credit union mantra of People Helping People and learning about saving and good financial habits," Mares said. "Most reward programs we see are built around spending, not around saving, so that's why this program is so unique and we were happy to get behind it. You will see 'Save to Win' be a much bigger program this coming year." 

Designed to appeal to credit union members who are not in the habit of saving, the program has helped many families who had been spending money on lottery tickets instead. A survey taken during the 2009 program found that 59 percent of participants had spent money on the lottery over the previous six months and that less than half saved money regularly before opening their Save to Win accounts.

"Save to Win," which has been featured in the Wall Street Journal, New York Times, and on Fox Business, was developed by Harvard Business School Professor Peter Tufano and managed by the D2D. The Filene Research Institute and D2D selected Michigan and MCUL-affiliate CUcorp for the 2009 pilot program because of a unique state law that allows for credit unions to organize savings raffles. Eight credit unions participated in the 2009 program, including, Central Macomb CU, Christian Financial CU, Communicating Arts CU, E&A CU, ELGA CU, Frankenmuth CU, NuUnion CU, Option 1 CU.