Since the program’s inception in 2009, more than 11,800 Michigan credit union members have saved $29 million dollars. That’s close to $2,500 on average per account. This is a huge accomplishment for Michigan credit unions, especially considering the recent report from the Corporation for Enterprise Development, which revealed that close to a third of Americans have no savings at all. This product has offered members the security of building a savings account that they’ve never had before. Not only is this program helping Michigan credit union members, but it has also inspired three other states to launch the program. Nebraska, North Carolina and Washington state started offering this product to its members in 2012 and 2013.
How does the Save to Win product work for our members? When a member opens a Save to Win share certificate, they earn an entry into that month’s drawing for every $25 deposit. Plus, that same entry is also entered into the grand prize drawing at the end of the year which could make your member $10,000 richer. Credit unions can also host their own monthly drawing to award more members per month. Members can earn up to 10 entries per month ($250 in deposits), which would be 120 entries toward the Grand Prize drawing. At the end of next year’s program, six $10,000 prizes will be awarded to members in addition to the $2,500 to $3,750 in cash prizes awarded each month. This is what we call savings with benefits.
How does this program work for our credit union? In order to participate in the 2014 program, credit unions are asked to sign up by Oct. 31. To learn more about Save to Win, join us for a 45-minute webinar on Tuesday, Sept. 10, at 3 p.m. (ET), which will give you the information and the tools needed to implement Save to Win, including how to:
Register your credit union today for this free product webinar at www.cusolutionsgroup.com/SaveToWin.