Video: Fibre Federal CU Member Wins Save to Win $5,000 Grand Prize
April 29, 2016
Prize-linked savings (PLS) programs have started to take hold in Oregon, with three credit unions already bringing efforts to their members. And in Washington, one lucky member of Longview, Washington-based Fibre Federal Credit Union won the $5,000 grand prize recently—much to her surprise. See the video here, courtesy of Fibre Federal Credit Union, for the moment:
Becker’s win big marks three years since Save to Win began in Washington, while the pilot program began with eight Michigan credit unions in 2009, attracting more than 11,000 members to save $8.6 million. It later expanded to seven additional states, saving participating members more than $115 million, nationally.
“It’s extraordinarily gratifying to see the Save to Win annual grand prize go to our member, Joyce,” added Larry Hoff, CEO of Fibre Federal Credit Union. “She has been very successful in achieving her savings goals, and has encouraged her family members to do the same. Rewarding and celebrating members like Joyce for their exemplary savings habits are the heart and soul of the credit union movement.”
Members open a special share certificate and for each $25 deposit, gain entry into the monthly prize drawings and can earn up to 10 prize entries per month. At the end of the year, prizes totaling $7,000 will be awarded to 196 members who made a deposit.
The most recent data from neighboring Washington shows Save to Win’s success with financially vulnerable populations in that state. 68 percent of new account holders never had a CD before opening a Save to Win Account. In addition, 60 percent surveyed reported having little to no emergency savings. 88 percent of accounts opened in 2013 rolled over into 2014, suggesting strong momentum toward longer-term savings plans for many.
In addition to helping members build a sound financial foundation, Save to Win also gives credit unions a platform for promotion and outreach to legislators—especially those supportive of PLS programs. To get involved in Save to Win, or get ideas for how to participate, visit http://www.savetowin.org.
Questions about this story? Contact Eric Horvath at 503.350.2222, firstname.lastname@example.org.