Save Money, Win Money at a Washington Credit Union
February 26, 2014
FOR IMMEDIATE RELEASE: Save Money, Win Money at a Washington Credit Union
When: February 24, 2014
Save to Win Accounts Open Doors for Washington Consumers
SeaTac, WA. — What if you could save money for a rainy day and win even more money in a monthly drawing? It’s happening for credit union members in Washington who have opened Save to Win accounts at participating credit unions.
“This is America Saves Week and it’s a great time to take action. Credit unions can help you build strong savings habits even if you start small,” said Lynn Heider, vice president of public relations and communications for the Northwest Credit Union Association. “And what makes saving sweeter is the opportunity to win a cash prize.”
Save to Win incentivizes savings by making members eligible for entry into monthly or annual cash prize drawings. Each $25 deposit earns a member a “chance” for the drawings. At participating Washington credit unions, the prizes range in amounts from $50 to $5,000. The prize pool is funded by the NWCUA, so the account holders’ money stays in the account.
Save to Win was established in Michigan in 2009 to help consumers build strong savings habits. Research has found that the program is especially appealing to consumers who have never had savings accounts before. Since some Washington credit unions launched the program in April, 2013, more than 800 accounts have been opened and members have collectively saved over $720,000.
“When you think that just ten months ago, many of these consumers had no money in savings, and now they have accounts with average balances of almost $900, that’s powerful,” Heider said.
Washington credit unions offering Save to Win accounts include: Connection CU, (Kitsap County) Express CU, (Seattle) Fibre Federal, (Longview) North Coast CU, (Bellingham) OBee CU (Olympia) and TwinStar CU (Olympia). Peninsula CU (Shelton) is expected to begin offering the program this spring.
The Northwest Credit Union Association is the not-for-profit trade association 165 of Oregon and Washington’s credit unions and their 4.5 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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