Save to Win
Prize-Linked Savings Program for Michigan Credit Unions
Save to Win is a national award winning innovative product available only at credit unions. A provision in the Michigan Credit Union Act allows state and federal-chartered credit unions to offer prize-linked saving raffles to their members in which a savings deposit can constitute entries into a raffle drawing. To date, more than 11,000 Michigan credit union members have saved $37 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 started as a part of the 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 Commonwealth and The Filene Research Institute in partnership with the Michigan Credit Union League and CU Solutions Group.
Key Program Facts
- In 2018, 33 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 2018 include a minimum contribution, marketing expenses and any additional monthly prizes your credit union wants to award your members or staff.
- More than $1.25 million in prizes have been awarded to Michigan credit union members. The 2018 prizes include (150) $25 monthly prizes and (30) quarterly prizes ranging from $500-$5,000.
- You may have seen our Gas Station TV ad in the spring of 2015 or even read about our program in the Wall Street Journal. Save to Win has also been featured in the New York Times and on PBS, NPR and CNN.