Prize-Linked Savings Accounts Are a Win-Win for Credit Unions and Members

A credit union’s goal is to help members build wealth and live better lives, and a large part of financial wellness is good savings habits. While it’s important to educate everyone on the benefits of saving, it’s especially true with millennials and low-income members.

Thankfully, there’s an easy way to incentivize savings in a fun and financially rewarding way — for both credit unions and their members — with CU Solution Group’s Save to Win program.

Save to Win is a prize-linked savings program that increases wallet share for your credit union and teaches members to build savings. It’s fun, easy, and risk-free. Members establish a “Save to Win” savings account that automatically enters them into monthly and quarterly cash prize drawings every time they make a $25 deposit. They’ll build savings while earning chances to win something extra.

To date, the program has helped members save nearly $180 million and has awarded more than $3 million in prizes. Save to Win helps credit unions score big with a highly sought-after audience too, as millennials make up 33% of the program’s participants. The program is also fee-free for members at a minimal investment for credit unions.

Credit unions leveraging the Save to Win program enjoy the following benefits:

  • Expanded wallet share
  • Increased member loyalty
  • Easy implementation through turnkey marketing materials
  • Expanded business through cross-selling opportunities
  • Control over interest rate and dollar caps
  • Media buzz

Learn more about how prize-linked savings can benefit your members by joining CU Solutions Group’s informative webinar Jan. 14, 11 a.m. to noon PST (noon to 1 p.m. MST). You can also view a previously recorded webinar co-hosted by CU Solutions Group; Strategic Link; and Ironworkers USA Federal Credit Union CEO, Teri Robinson, where Robinson shares her credit union’s experience with the Save to Win program.

To learn more about CU Solutions Group, visit its Strategic Link partner page online or contact the Strategic Link team.

Posted in GoWest Solutions, Industry Insight.