Learn More About Helping Members ‘Save to Win’ in Free Webinar
December 10, 2013
Dec. 10, 2013
Washington credit unions interested in helping their members “Save to Win” can learn more about the program next week in a free webinar sponsored by CU Solutions Group and the Northwest Credit Union Association.
The 45-minute webinar, scheduled for 10 a.m. on Wednesday, Dec. 18, will explain how to join the “Save to Win” program, how to set up a data-monitoring system, how to train staff and market the program, and how to attract new members and borrowers through cross-selling opportunities.
Jessica Demorest, who oversees “Save to Win” for CU Solutions Group and participating credit unions nationwide, will host the session. For details or to register, contact Craig Reed, the NWCUA’s director of strategic partnerships, at 206.340.4789 or firstname.lastname@example.org; or Yuri Jung, the Association’s strategic partnership specialist, at 206.340.4817 or email@example.com.
“Save to Win,” which offers cash prizes as an incentive for opening and maintaining a savings account, was launched in 2009 by the Michigan Credit Union League. Nebraska and North Carolina soon added their own programs, and the Washington Legislature cleared the way for “Save to Win” in 2011.
Michigan now boasts more than 12,500 “Save to Win” accounts. There are 1,800 in North Carolina and 1,500 in Nebraska. Six credit unions launched the Washington program in April: Connection, Express, Fibre Federal, North Coast, O Bee and TwinStar; through Nov. 30, they had opened 787 accounts, with total deposits of $565,194.
Total savings to date nationwide: more than $70 million.
The idea behind “Save to Win” is simple: create a kind of lottery in which players can win cash prizes just by saving money — and make it impossible for them to lose a dime. For every $25 deposit, members get a chance to win $50 monthly prizes and an annual $5,000 prize. Accounts are structured as 12-month CDs, and members keep all of the money they’ve deposited, plus interest — whether they win one of the prizes or not. The Washington prize pool is being funded by Strategic Link, an NWCUA subsidiary.
National media took notice of the concept this month, including the PBS television show “NewsHour.” You’ll find a video of that broadcast, which featured members and executives from Express Credit Union, here.
Questions? Contact Gary Stein: 503.350.2216, firstname.lastname@example.org.
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