Want to Help Members Save? Sign up for a Free Save to Win Webinar on June 26

Watch this brief video to celebrate with recent cash prize winners and to learn more about how Save to Win can help your members

Janet Gullberg sent a text message to her husband last month. “We just won $5,000.” The TwinStar Credit Union member was the winner of the first annual grand prize Save to Win drawing. She’d opened an account in mid-2013 with a deposit of just $25. The opportunity to win monthly and annual cash prizes was the draw, but for Gullberg and more than 1,000 Washingtonians who’ve opened Save to Win accounts, the real benefit is the savings habits they’ve developed.

The Washington Legislature passed a law allowing credit unions to offer prize-linked savings accounts in 2011. The program launched officially last year.

Six Washington credit unions currently offer Save to Win, through a turnkey operations program offered by the Northwest Credit Union Association. Start-up costs are nominal, and the prize pool is funded by the Association.

The NWCUA is inviting all other Washington credit unions to participate. An informational webinar is scheduled for June 26.

“Save to Win is innovation,” said Amanda Brenneman, program manager at the NWCUA. “It equips and empowers credit unions and their members to make a difference. Our research finds that a high percentage of the members who opened these accounts in the past year were not regular savers before. Now we see them building their assets.”

The informational webinar will provide an overview of the product and will detail the operational resources available to credit unions offering Save to Win, including logistics, marketing material and oversight of the cash prize drawings. The webinar is scheduled for 10:00 a.m. on June 26 and registration is available online.

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

Posted in NWCUA.