"Save to Win" Featured in NY Times Blog (Misc News: November 18, 2010)
Freakonomics Radio is featuring the Save to Win program in a two-part series on prize-linked savings. Michigan's program was highlighted on NPR's Marketplace as well as The New York Times' Freakonomics Blog. MCUL & Affiliates CEO David Adams spoke to the effect the program has had on Michigan's credit unions and members:
"What people want and need is a fun way to save. In Michigan, we've come up with what we think will accomplish that. It's a progam called Save to Win and it uses a lottery concept so that, for every $25 dollars a member puts into a one-year certificate of deposit, they get a chance at cash prizes. The prizes are given out every month at participating credit unions, ranging from $50 to $500, and there's a $100,000 grand prize at the end of the year," says Adams. "Now you're getting a competitive interest rate, your're being responsible and saving for the future, and you're getting a chance to win the grand prize."
The 2010 Save to Win program has helped members at 36 participating credit unions open more than 15,000 accounts and save nearly $19 million. More than $106,000 has already been given away to 1335 winners at individual credit unions, ranging from $50 to $500. January's grand prize drawing will select the second $100,000 winner, following 86-year-old Lake Trust member Billie June Smith, who will be featured in the second part of the podcast series.
See full coverage of the Save to Win program in MCUL's Press Room.