Save to Win Program Provides Valuable Incentives for Credit Union Members
Many credit unions already have financial education programs in place, but sometimes a blog, resource database, or even a video series isn’t enough. Strategic Link partner, CU Solutions Group, recommends implementing programs that provide an incentive.
Prize-linked savings accounts are well-suited for credit unions and can attract new members, build loyalty, assist current members in building assets, and generate opportunities to cross-sell other relevant products. When used alongside other financial literacy programs, prize-linked savings can also drive positive saving habits.
Credit unions are always looking to attract new members, and banking customers — especially millennials — are looking to credit unions to help establish healthy savings habits.
CU Solutions Group’s Save to Win program answers the needs of all credit unions and their members in a fun and financially rewarding way. It assists low-to-moderate income members in improving their saving habits and financial knowledge by leveraging the connection between credit unions and their members.
Credit union members in the Northwest have responded incredibly positively to the Save to Win program. Just last month, Kayleen Trembley, a member at Fibre Federal Credit Union in Longview, Washington, won a $1,000 annual prize through the program.
“I love the fact that we can earn interest on money that otherwise would have been spent immediately,” said Trembley. “The Save to Win certificate is a great avenue for our home/property improvements, and we earn dividends to boot. I’ve found it to be a good way to invest monies we would maybe otherwise place in our IRA or other retirement accounts, and that way we have access to it without being penalized. The 1-year maturity on the certificate is very convenient too. As an added surprise bonus, the cash prizes are way cool!”
The Save to Win program offers members a 12-month share certificate that allows unlimited deposits throughout the year. These deposits qualify them to win cash prizes monthly and quarterly. Opening the account only requires a $25 deposit, a relatively low barrier to entry, making it appealing and accessible to lower-income members. Account holders earn a raffle entry for every $25 deposited in the account, up to a maximum of 10 entries per month.
“CUSG is pleased to partner with the NWCUA to offer this consumer-friendly product in the Northwest, joining with hundreds of credit unions in over 17 states,” said Dave Adams, CEO of CU Solutions Group. “Save to Win and similar prize-linked savings programs are a great example of mission-driven services that are unique to credit unions.”
Angie Leppert, SVP and Chief Experience Officer for Fibre Federal, also had nothing but great things to say about Save to Win, citing its affordability for members as a top perk.
“Save to Win is a wonderful savings program because it’s both affordable and prize-based,” said Leppert. “Setting aside $25 each month is a manageable goal for nearly any budget, but that $25 deposit could earn the member $25, $100, or even $1,000 in the prize drawings. Members keep what they save, earn dividends on the savings, and may win extra money for developing good saving habits. What’s not to love about Save to Win?”
Incentive programs can play a vital role in credit unions’ financial education programs while introducing members to new products and services they may not otherwise consider.
To get more information about how prize-linked savings can benefit your members, download CU Solutions Group’s full whitepaper.
Check out this video of Fibre Federal Credit Union presenting a ceremonial big check for $1000 to member Kayleen Trembley.