Save to Win Provides a Win-Win Opportunity for Credit Union Members Looking for Incentives to Save
Save to Win is a credit union-centric savings program designed to help members build consistent savings habits. Launched with eight Michigan credit unions in 2009, the program has since expanded across the nation.
Since the program launched in Washington four years ago, the state’s seven participating credit unions have helped their members save more than $2.4 million dollars. The prize-linked savings program recently debuted in Oregon, as well. (Idaho does not currently participate.)
The process is simple: Members open special savings accounts and are entered into a raffle for cash prizes every time they make a qualifying deposit. For every $25 a member deposits in their Save to Win account (up to $250 per month), they are entered into a drawing to win monthly, quarterly, and annual prizes.
Washington’s Save to Win program recently drew the winner for its $1,000 annual prize: Jade Langston, a member of Seattle-based Express Credit Union.
“Our credit union has been involved with Save to Win for a long time, and the reason we’re staying is because it benefits most of our members. We work mostly with low income communities, and those members are often unable to save much at one time. It’s a good motivational tool for them to save a little at a time,” explained Alma de Almeida, member service supervisor for Express Credit Union.
Whether or not they win the raffle, members keep every penny they save. “I’m very happy this program came into play,” said Almeida. “It’s helped many of our members to learn how to save.”
Save to Win programs are available to credit unions in Oregon and Washington. If your credit union is interested in offering this “win-win” to your members, please contact Northwest Credit Union Association Program Manager Kaitlin Ramos at [email protected].