First Save to Win Prize Drawings Scheduled for May 14

More than 200 consumers opened Save to Win accounts in the first three weeks the program was offered by six Washington Credit Unions. Five of those consumers will win $50 each when the first cash prize drawings are held May 14.

The Save to Win program was first launched by a group Michigan credit unions in 2009. The program is designed to help consumers build strong savings habits and reward their efforts with chances to win cash prizes. For every $25 deposited, the account holder wins an entry into monthly drawings. Save to Win has been demonstrated to appeal to un-banked and under banked consumers.

Washington became the fourth state to offer prize linked savings accounts, after the legislature approved the program in 2011. Michigan’s CU Solutions Group is coordinating the program with the Northwest Credit Union Association (NWCUA) and the six launching credit unions, which are North Coast, Connection, TwinStar, O Bee, Express and Fibre.

Early on, TwinStar saw heavy traffic with 75 accounts quickly opened. O Bee Credit Union also saw heavy traffic as 60 consumers opened accounts during the first month. O Bee’s Lee Wojnar was an early advocate for the program and his public relations outreach and testimony helped convince the Washington Legislature to pass the bill allowing prize linked savings.

The NWCUA is funding the prize pool for the first three years. The prize drawing structure calls for five $50 winners in April, May, June and July of 2013 and ten $50 winners in August, 2013-January, 2014. Up to 20 account holders will be eligible for $50 prizes in February, 2014. In March, 2014 three $5,000 monthly prizes will be awarded and in April one annual prize of $5,000 will be drawn.

 

Questions? Contact Lynn Heider: 503.350.2225, lheider@nwcua.org.

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