Save to Win Pays Off For Savers
A recent Financial Security Index poll from Bankrate showed one in four Americans don’t have any emergency savings. Another 22 percent said their emergency savings would only cover three months’ worth of expenses. Financial experts recommend that people set aside at least six months of savings to cover unknown costs.
However, the Michigan credit union industry is helping to combat those sobering savings rates through a program called Save to Win. The program rewards people for saving by entering them for a chance to win up to $10,000 for each $25 they save. Six Michigan winners recently received the call of a lifetime -- they had won the $10,000 grand prize!
Laurie L., a TruNorth FCU member, is one of the winners.
“I never thought I would win this prize,” Laurie said.
Laurie said she and her husband are not big spenders, so she plans to save most of the money for a rainy day, like the one that came last year when their home needed a new roof.
She used money they had accumulated in her Save to Win account to pay for the repairs.“It’s a super easy way to save,” she said about the Save to Win account.
Laurie’s sentiments are seconded by Lake Trust President and CEO David Snodgrass, whose credit union offers the program.
“We’re thrilled that our members have the opportunity to be part of this outstanding program – they love the program and the option they have to make smaller deposits to start a bigger savings, which is different than what you would see with a traditional CD,” he said
This year’s six winners, who are scattered throughout the lower and upper peninsulas, come from Dewitt, Escanaba, Houghton Lake, Ishpeming, Muskegon and Southfield. They will receive their grand prizes at celebrations at their credit unions during the Week of Winning on February 9-13.
How Save to Win works: Members open Save to Win accounts by making opening deposits of $25. That contribution gives members their first entry into the drawings, and every subsequent $25 deposited gives them another chance to win. Members can contribute up to $250 a month, and winners are drawn every month.
Winners will be honored at the following dates and times:
Feb. 9: 10 a.m. Lake Trust CU 12750 Escanaba Dr, Dewitt
Feb. 9: 2 p.m. People Driven CU 24333 Lahser Road, Southfield
Feb. 10: 11a.m. North Central Area CU 2665 South Reserve Road, Houghton Lake
Feb. 11:10 a.m. TruNorth Federal CU 1419 N. Second Street Ishpeming
Feb. 11: 2 p.m. Peninsula Federal CU 301 North 30th St. Escanaba
Feb. 13: 11 a.m. First General CU 589 E. Ellis Road, Muskegon
Save to Win was launched in 2009 as a collaboration between the Michigan Credit Union League, the Filene Research Institute and the Doorways to Dreams Fund. Designed to appeal to credit union members and to encourage consumers to save, Save to Win has helped more than 50,000 credit union members save more than $94 million. Up to 81 percent of those members setting aside some savings are considered financially vulnerable.
Save to Win recently shifted to a multi-state format in which Michigan, Nebraska and Connecticut are combining their resources to expand the program to a larger national platform. With this new model, more members will win money with monthly and quarterly prizes ranging from $25-$5,000.Go to main navigation