Save to Win was launched in 2009 as a collaboration between the MCUL & Affiliates, the Filene Research Institute and the Doorways to Dreams Fund. Save to Win is a unique prize-linked savings program designed to appeal to credit union members who have had difficulty saving money. Since its inception, Save to Win has helped thousands of credit union members not only by providing them with an element of financial security, but also through the enjoyment of having fun while saving.
The program is engaging and entertaining while helping members to strengthen their financial lives and build for the future. Research shows that credit union members who participate in Save to Win truly develop a savings habit, regardless of whether or not they win prizes. So far this year, 11,000 members have saved more than $29 million collectively, which is $2,500 on average per account. Research found that 82% of all accounts opened in December 2011 remained open in 2012, which proves the stickiness of the product. D2D commented in their recent report that “overall, the high rollover rate indicates successful product design that both makes it easy for consumers to continue using the product and engages them in building long-term savings as both a habit and a reserve for short-term needs.” The program influences long-term savings behaviors through rollovers and allows the members to meet short-term goals with access to funds for more immediate needs.
The program has been uniquely positioned to reach a segment of the population that might otherwise be neglected, helping them develop a lifelong savings habit. A 2013 survey found that 60 percent of participants had spent money on the lottery over the previous six months and close to 40 percent of members said they used to have a savings account but don’t anymore, or have never had a savings account. Through Save to Win, participating members earn one entry into the Grand Prize drawing for every $25 deposit they make into a Save to Win account. The program also awarded dozens of $50 monthly prizes last year. In addition, most participating credit unions 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, build savings and give the member chances to win prizes, which are good incentives to start saving.
Save to Win embodies the credit union philosophy of “People Helping People” in that it offers credit unions yet another tool to serve the underserved. With the current poverty rate in the United States at its highest since the early nineties, and with Michigan in particular having been hit extremely hard by the recent recession, credit unions know that saving money is necessary but extremely and increasingly difficult for working families in Michigan. With household incomes decreasing, unemployment levels high and the cost of basic needs on the rise, families’ access to savings to set aside for the future is limited. Save to Win helps credit unions members, many of whom have no history of savings, shift their behavior and ultimately better their lives.
All Michigan credit unions are invited to participate in Save to Win program. The league provides all necessary training and support for the program as well as marketing materials for participating credit unions. To learn more about the 2014 program, sign your credit union up for a free product webinar by going to www.cusolutionsgroup.com/SaveToWin.
In order to participate in 2014, 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.