Michigan Credit Union Members Save $43 Million with Save to Win
LANSING – (Feb. 18, 2013) What’s even better than saving money? Winning money for saving money! That’s exactly the case for 10 lucky credit union members across the state. This week the 10 grand prize winners of the Save to Win program will each receive a $10,000 check delivered by the Prize Squad during the “Week of Winning” statewide tour.
Through Save to Win, the highly acclaimed prize-linked savings program, participating members earn one entry into the Grand Prize drawing for every $25 deposit into a Save to Win account they make. The program also awarded dozens of $50 monthly prizes last year. In addition, most participating credit unions also individually award prizes to members who sign up for Save to Win, with prizes varying from credit union to credit union. All Save to Win deposits generate interest and build savings.
“Save to Win is the consummate example of Michigan credit unions doing what they do best: helping members to better their lives. Through Save to Win, members are learning a critical life skill, growing their personal wealth, and having fun all at the same time,” said MCUL & Affiliates CEO David Adams. “We’re thrilled that this year our Prize Squad will visit 10 Michigan communities, delivering prizes and the message about the credit union difference during the Week of Winning.”
Save to Win continues to grow each year, surpassing more than 15,000 participants in 2012 who collectively saved $43.6 million, according to figures released by the Michigan Credit Union League & Affiliates (MCUL) today. The grand prize winners were selected at random.
The 10 Grand Prize winners are located in the following communities:
Alpena (Besser Credit Union)
Fenton (ELGA Credit Union)
Dearborn (Community Alliance Credit Union)
Escanaba (Peninsula FCU)
Grand Rapids (Grand Rapids Family Credit Union)
Ishpeming (Ishpeming Community FCU)
Lansing (Lake Trust Credit Union)
Marquette (U.P Catholic Credit Union)
Royal Oak (OUR Credit Union)
Roseville (Christian Financial Credit Union)
With its one-of-a-kind prize-linked model, Save to Win has been hailed in the national news media for encouraging more families to save their money. Many other states are now trying to emulate Michigan’s program because of its popularity and effectiveness at reaching those who have had trouble saving money in the past, and who might otherwise spend their money on games of chance. In recent months, Nebraska and North Carolina credit unions began offering Save to Win to their members, with the Michigan Credit Union League administering those programs as well.
This year’s grand prize winners include a retired police captain from Grand Rapids, a mine worker from Ishpeming, a grandfather from Escanaba, and a retired State of Michigan employee from Lansing, to name a few.
Statewide, Save to Win savings continue to rise: In 2012, members in the 58 credit unions that participated in the program saved $43.6 million, with an average account balance of more than $2,872 – both up from the $37.3 million saved in 2011, when the average account balance was $2,235.
Save to Win launched in 2009 as a collaboration between the Michigan Credit Union League, the Filene Research Institute and the Doorways to Dreams Fund (D2D). Designed to appeal to credit union members who have had difficulty saving money, Save to Win has helped many families save their money instead of spending it on games of chance. A 2009 survey found that 59 percent of participants had spent money on the lottery over the previous six months and that less than half saved money regularly before opening their Save to Win accounts.
Follow the Prize Squad February 18-22 on Twitter @SaveToWin and use the hashtag #savetowin, and watch for daily updates, photos, and videos at www.facebook.com/SaveToWin. Anyone who spots the Prize Squad, takes a photo, and uploads it to Facebook or Twitter could win a prize. The Save to Win Prize Squad could be coming to your credit union next!
Organized in 1934, the Michigan Credit Union League & Affiliates is a trade association representing credit unions statewide. Based in Lansing, MCUL & Affiliates offers credit unions assistance in the areas of regulatory compliance, legislative advocacy, media advocacy and operational information. For more information, visit www.mcul.org and follow us on Facebook at www.facebook.com/MICreditUnions and on Twitter at www.twitter.com/MICreditUnions.