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CRI Links Save to Win Short Term, Small Amount Loans

 
A Prize-Linked Savings Program for Michigan Credit Unions 

Save to Win is an attention-getting innovation available only at credit unions. A provision in the Michigan Credit Union Act allows state and federal-chartered credit unions to offer savings raffles to their members in which a savings deposit can constitute entry into a raffle drawing. To date, more than 12,000 Michigan credit union members have saved over $28 million by participating in Save to Win!! In our current slow-growth economy, this is a huge accomplishment for Michigan families and for Michigan credit unions!

This program works as a part of Michigan's Community Reinvestment Initiative, because it's closely tied to our mission of "People Helping People," by giving members a way to build good savings habits and enjoy a more responsible game of chance. This unique product was developed by Doorway to Dreams, The Filene Research Institute and the Michigan Credit Union League.

Key Program Facts:

• In 2013, 38 credit unions of all sizes across the state are Save to Win partners, but there's still plenty of room for more credit unions to participate. 
   
• Participation fees for 2013 include a mimimum contribution, marketing expenses and any additional monthly prizes your credit union wants to award your members or staff.
   
• 2013 monthly and grand prizes are funded by MCUL & Affiliates - (50) $50 prizes will be awarded monthly, January through April and (75) $50 prizes will be awarded monthly, May through December. Also, (6) $10,000 grand prizes will be awarded at the end of the year.
   
• The Michigan Credit Union League promotes Save to Win through mass media buys and national PR campaigns. You may have heard our radio commercial in the fall of 2011 or even read about our program in the Wall Street Journal and AARP Magazine.

 More Information: 

• Doorway to Dreams Prize Linked Savings Study 
• Save to Win Administration Site  (accessible by participating credit unions) 
• Learn More About Prize-Linked Savings in the U.S.
   

Sign Up for Save to Win:

• 2013 Participation Agreement
• Letter to Board
• 2013 Board Resolution
• Credit Union Information Sheet 

For more information visit savetowin.org or contact Jessica Demorest, Save to Win Coordinator at jjd@mcul.org or 800-262-6285 extension 458. 

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