Six Washington Credit Unions Launch Unique Savings Program with $5,000 Annual Prize

FOR IMMEDIATE RELEASE:

March 26, 2013

CONTACT:
Lynn Heider
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503.358.0773 (mobile)

Six Washington Credit Unions Launch Unique Savings Program with $5,000 Annual Prize

FEDERAL WAY, Wash. — It’s time to turn traditional thinking about saving money on its head.

The Northwest Credit Union Association (NWCUA) and six credit unions in Washington have teamed up to offer an innovative savings program called Save to Win. By making a $25 deposit at one of the six participating credit unions, members will be entered into a drawing to win a $5,000 annual prize as well as monthly prizes up to $5,000. The savings program is available to Washington state residents 18 years of age or older, who open accounts at one of the six participating credit unions.

Save to Win offers the excitement of a lottery without the risks of losing the money used to purchase a ticket. The best part is that members are guaranteed to have more money saved than when they started, because their funds stay in the account. The NWCUA and the launching credit unions are funding the prize pool. Save to Win rewards members for saving money, not spending money!

“We were excited when the Washington Legislature approved prize-linked savings programs for credit union members,” said Troy Stang, president and CEO of the NWCUA. “Research has shown that with Save to Win, un-banked and under-banked consumers become savers, often for the first time in their lives. We’re pleased to facilitate this launch because we know the result will be more financially fit consumers who are better prepared now to save for their goals.”

Here’s how the Save to Win certificate works: Members open a share certificate and for each deposit of $25 or more they earn an entry into the monthly prize drawings, up to10 prize entries per month. At the end of the month, prizes totaling up to $5,000 will be awarded to members who made savings deposits during the month. The member entries will also be entered into the annual prize drawing of $5,000 in April 2014.

The six Washington credit unions participating in this program are:

  • Connection Credit Union, Silverdale, Wash.
  • Express Credit Union, Seattle, Wash.
  • Fibre Federal Credit Union, Longview, Wash.
  • North Coast Credit Union, Bellingham, Wash.
  • OBee Credit Union, Tumwater, Wash.
  • TwinStar Credit Union, Lacey, Wash.

While many Americans are borrowing more money than they are saving, Save to Win gives credit union members a real option for improving their financial situations. Save to Win was first offered in Michigan in 2009 and the program has continued to grow and flourish in other states. Washington becomes the fourth state to offer the program. Credit unions in Nebraska and North Carolina also offer this innovative prize linked savings product.

To see the official rules of the Save to Win product, please visit: www.savetowin.org.

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The Northwest Credit Union Association is the not-for-profit trade association serving 164 of Oregon and Washington’s credit unions and their 4.4 million members. The NWCUA is the voice of the Northwest credit union movement, providing legislative, regulatory and public advocacy in addition to education, compliance, networking support and business solutions to its members. For information on how to join a credit union, please visit http://www.asmarterchoice.org.

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