Press
ABNB Federal Credit Union among first of Virginia credit unions to launch innovative new savings product
CHESAPEAKE, VA (July 1, 2015) — ABNB Federal Credit Union is excited to announce that as of July 1, 2015, it is one of the first credit unions in Virginia to offer an innovative new savings program called Save to Win.
Save To Win reinvents the way we think about traditional saving products and offers members a new savings concept that offers multiple benefits. By making a $25 deposit into their Save to Win account, ABNB members will be entered into monthly and quarterly drawings throughout the year, earning them a chance to win up to $5,000 in cash prizes.
The advantage of this program is that members are guaranteed to have more money than when they started, because they keep all the money they have saved, plus interest. Save to Win rewards members for saving money, not spending it
“We’re thrilled to be able to start offering our members and the Hampton Roads community this wonderful new savings product. It aligns perfectly with our mission as a credit union to be our members’ most trusted financial partner.” says Carl Ratcliff, ABNB Federal Credit Union’s CEO. “This product gives us the opportunity to incent our members just for saving their money; it’s a win-win for our members!”
Here’s how the Save to Win certificate works: ABNB members open a special share certificate and for each deposit of $25 they earn an entry into the monthly prize drawings, up to10 prize entries per month. At the end of the month, prizes ranging from $25 to $100 will be awarded to members who made deposits during the month. The member’s entries, up to 30 prize entries per quarter, will also be entered into the quarterly prize drawing, where members can win anywhere from $500 to $5,000.
While many Americans are borrowing more money than they are saving, Save to Win comes along and gives credit union members a real option for improving their financial situations. Save to Win was first offered in Michigan in 2009 and the program has continued to grow and flourish in other states. In 2012, Nebraska became the second state to offer the Save to Win product to credit union members and in 2013, North Carolina and Washington became the third and fourth state to offer this innovative prize linked savings product. In 2015, Virginia and Connecticut credit unions join Michigan and Nebraska credit unions to promote the nation’s first large scale multi-state prize-linked savings program.
Save to Win and its prizes are underwritten and managed by the participating credit unions and CU Solutions Group. For more information about the program or to view a complete list of prizes, visit www.savetowin.org.
For more than 55 years ABNB has maintained a commitment to providing quality products and services along with professional and personal service to its members. With fourteen branches and numerous service centers, ABNB currently serves more than 55,000 members and is one of the largest home-based financial institutions in the Hampton Roads area. For more information on ABNB Federal Credit Union and its services, visit www.abnbfcu.org or call 757.523.5300.