Nebraska CUs Launch ‘Save to Win’ Program Modeled After Michigan (Misc News: January 12, 2012)
Nine Nebraska credit unions and the Nebraska CU League are launching a new savings contest that will offer a $25,000 grand prize.
The Save to Win program is based on Michigan’s successful prize-linked savings program that offered a $100,000 grand prize last year and will be the subject of an upcoming feature on CBS News.
By making a $25 deposit, members at the nine participating credit unions are entered into the grand prize drawing, and are also eligible for monthly prizes. At the end of the program, all members walk away with all their savings plus interest.
“The Save to Win program is yet another way in which our credit unions are promoting thrift to their members by incentivizing them to save for the future,” Scott Sullivan, president of the Nebraska CU League told CU Journal. “By linking the chance to win great monthly prizes along with a $25,000 grand prize, we believe the Save to Win program will lead some members to begin saving for the first time while helping others to accelerate their habit of saving.”
Save to Win is currently in its fourth year in Michigan, with 43 participating credit unions in 2011. At least 12 more Michigan credit unions plan to launch the program in 2012.
Credit unions in at least two other states are planning similar savings contests.