Three credit union members who deposited at least $25 in their Save to Win accounts in March were rewarded Tuesday with celebrations in their honor and checks for $5,000 each – the biggest prizes yet in Washington’s year-old, prize-linked savings program.
Credit unions are celebrating the first anniversary this month of the “Save to Win” program in Washington with three $5,000 monthly drawings and the awarding of the state’s first $5,000 annual prize. Says the NWCUA’s Craig Reed: “I think we’re off to a great start!”
U.S. Rep. Derek Kilmer will be on hand Monday, March 31, when Peninsula Credit Union becomes the seventh Washington credit union to offer prize-linked savings accounts to members. Peninsula’s “Save to Win” launch will also be a fundraiser for North Mason Resources, a local nonprofit that helps low-income families become more self-sufficient.
Filene Research Institute will soon begin recruiting the next class of innovators for its i3 program. It’s a unique chance for the next generation of credit union leaders to “change the world of consumer finance.”
More than 16,700 previously under-banked consumers have mastered the savings habit, collectively depositing nearly $40 million into Save to Win accounts offered by credit unions in four states. Six Washington credit unions began offering the program in April 2013, and others are invited to join the program. An informational webinar is being offered Jan. 27.
Washington credit unions interested in helping their members “Save to Win” can learn more about the program Dec. 18 in a free webinar sponsored by CU Solutions Group and the Northwest Credit Union Association.
Nearly 800 members have opened accounts at the six credit unions that helped launch Washington’s “Save to Win” program in April. The program, which offers cash prizes as an incentive for opening and maintaining a savings account, has grown to more than $565,000.
Three months and six credit unions later, Save to Win is off and running in Washington. Cash prizes have already landed in the hands of monthly winners and about 600 accounts have been opened.
Even with the hundreds of hours credit unions typically contribute to touching the lives of students, an NWCUA Financial Education Committee survey showed, resources are a barrier to credit union professionals who want to do more. The committee will provide turnkey resources and financial education models during two best practice roundtable events this summer.
More than 200 Washington consumers have opened Save to Win accounts since the program launched just a month ago. The first cash prize drawings will put $50 into the hands of five lucky winners May 14.
Our Strategic Link Question of the Week examines a streamlined card services program.
It’s official: prize-linked savings accounts are now available for Washington consumers. Six credit unions launched “Save to Win” yesterday, putting a lot of marketing muscle into promoting a program expected to encourage under-banked consumers to save.
Next Monday, six Washington credit unions will launch Save to Win, a program that offers consumers a chance to win monthly and annual cash prizes as a reward for building financial assets.
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With the Invest in America program, credit union members have access to valuable savings from GM, Sprint, TruStage, Allied Van Lines, Tax Services, Dell, DIRECTV, and Shop America. Use this guide to share the details of those savings opportunities with members on a daily basis.
Washington credit unions may finally be well-positioned to offer prize-linked savings accounts, thanks to funding approved by the Northwest Credit Union Association board and a new operations model offered by the Michigan Credit Union League.
Oregon Employees Federal Credit Union is part of a group of credit unions across the country piloting the SaveUp program, a prize-linked savings alternative initiated by Filene Research Institute.
In this economically challenging time, Sprintâ€™s Credit Union Member Discount Program provides a simple way for your credit union to improve its bottom line and enhance the value of membership.