Prize-Linked Savings Accounts Are a Win-Win for Credit Unions and Members
January 12, 2021
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.