CRI Links |
|
|
 |
 |
Save to Win is seeking more credit union participation for year two starting in January 2010! Watch the video above or click here to learn more. For the FAQs from the webinar click here. If you are interested, please email Stacy Dugan at stacy.dugan@mcul.org before October 15, 2009.
Save to Win's mid-year report is now available. Click here to view.
What is Save to Win?
It’s a special savings account at a credit union that helps members build their savings while also giving them chances to win a grand prize of $100,000, plus monthly cash prizes! Each $25 deposit into this certificate helps to build savings and gets the member another chance to win – up to 10 chances every month. Plus, all the money deposited into the Save to Win account is still the members, plus interest. It’s a win-win situation.
How does a member open an account?
The member simply requests a 12-month Save to Win share certificate and makes an opening deposit of $25. The initial deposit is the first step to savings and it is the first entry into this month’s cash drawing and the grand prize drawing. The member can deposit any amount they want each month, but can only get 10 prize entries per month. As they continue to make additional deposits into the account, they will accumulate more entries in the monthly and grand prize drawings. The Save to Win account must be active at the time of the drawings, and the member must be a resident of Michigan to win.
How can a member earn chances to win?
Every $25 deposited into your account, up to $250 per month, is another chance to win. You may make unlimited deposits of any amount into the account each month, but prize entries are limited to 10 per month.
What are the prizes?
The real prize is the savings account the member will build with regular deposits each month. But to sweeten the pot, there is one annual grand prize of $100,000, to be awarded in January 2010. The winner will be notified by phone and mail. All Save to Win accountholders at participating credit unions in Michigan will be eligible for the grand prize. The grand prize will be deposited into the winner’s traditional share account. Plus, monthly cash prizes totaling $5,000 will be awarded at each credit union. Monthly prizes vary in amount from $15 to $400. Winners will be notified by phone and mail during the following month. Monthly prizes will be awarded as cash.
What is a certificate?
A certificate is a certificate of deposit issued by a credit union. The member earns a specified dividend if the certificate is held for the full term; in the case of Save to Win, the term is 12 months.
What’s the dividend rate?
The dividend rate varies by credit union. Each participating credit union sets its own dividend rate.
Can a member withdraw money from their certificate?
Yes, members are allowed to take one withdrawal from their Save to Win account in the 12-month period. A $25 withdrawal fee will apply.
How are the prize entries calculated?
Each month, the credit union looks at the members current savings balance as compared to the previous month’s balance. The member receives one entry for every $25 increase. For example, if the Save to Win balance increases by $50, the member will receive two prize entries for the month. Those prize entries will also be added into the grand prize drawing, giving the member additional chances to take home the $100,000!
Why should a member open a Save to Win account?
Because it’s a win-win situation! Sure, the member might win some of the monthly prizes and maybe even the grand prize, but with regular deposits into their Save to Win account all year, they are guaranteed to have more money saved than when they started.
For a further explanation of the Save to Win program please click here.
For credit unions interested in being part of Year Two of Save to Win, contact Stacy Dugan, CRI Coordinator at stacy.dugan@mcul.org or 800-262-6285 ext. 458.
|
Regulatory Affairs
