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Michigan Credit Union League Home » Information Services » Publications » News Articles  

"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.

Audio Clips:

See full coverage of the Save to Win program in MCUL's Press Room.

 
   
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