Connecticut credit unions launch new savings promotion
“Save to Win” prize-linked savings accounts offer $5,000 grand prize
(April 15, 2015) – Connecticut’s credit unions are reinventing the way people think about traditional saving products and are starting to offer members a new savings concept that provides multiple benefits.
Seven credit unions in Connecticut have teamed up to offer an innovative savings program called Save to Win. By making a $25 deposit, members at participating credit unions will be entered into drawings throughout the year and will get chances to win up to $5,000 in cash prizes.
The best part of this program is that members are guaranteed to have more money saved 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 money!
“Save to Win fits in perfectly with our financial advocacy mission and supports our efforts of encouraging our members to save and promoting thrift, which is the principle on which credit unions were founded,” said Carl J. Casper, vice president of customer advocacy, Connex Credit Union.
Here’s how the Save to Win certificate works: Members open a special share certificate and for each deposit of $25 they earn an entry into the monthly prize drawings, up to 10 prize entries per month. At the end of the month, prizes totaling up to $3,750 will be awarded to 150 members who made deposits during the month. The member’s entries, up to 30 per quarter, will also be entered into the quarterly prize drawing, where members can win $500, $1,000 or even $5,000.
The seven Connecticut credit unions participating in this program are:
- Achieve Financial CU
- Connex CU
- Dutch Point CU (Launching Soon)
- Hartford Healthcare FCU
- Healthcare Financial FCU
- Seasons FCU
- Windsor Locks FCU
“Saving money isn’t normally very exciting,” said Keith Wiemert, president/CEO of Seasons Federal Credit Union. “Save to Win provides a unique opportunity that encourages saving in an entertaining way while helping our members reach their financial goals. Programs like Save to Win make it fun for the whole family to save early and save often.”
“Introducing prize-liked savings accounts to Connecticut is an important step to encourage people to save,” said Jill Nowacki, president/CEO, Credit Union League of Connecticut. “The Save to Win program is well-aligned to help Connecticut’s credit unions be consumers’ best financial partner.”
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 states to offer this innovative prize linked savings product. In 2015, Connecticut credit unions join Michigan and Nebraska Credit unions to promote the nation’s first large scale multi-state prize-linked savings program.
To learn more and to see if there is a credit union near you, visit www.savetowin.org.
About the Credit Union League of Connecticut:
The Credit Union League of Connecticut (CULCT) is a statewide non-profit trade association serving credit unions throughout Connecticut. Through consumer advocacy initiatives and providing credit unions essential resources, CULCT is a valued partner in making Connecticut’s credit unions successful. By uniting for good, Connecticut’s Credit Unions are your best financial partner. No matter where you live or work in Connecticut, there’s one for you.