Six Michiganians Win $10,000 in Prize Drawing
LANSING, MI (February 5, 2015) – A recent Financial Security Index poll from Bankrate showed one in four Americans don’t have any emergency savings. Another 22 percent said their emergency savings would only cover three months’ worth of expenses. Financial experts recommend that people set aside at least six months of savings to cover unknown costs.
However, the Michigan credit union industry is helping to combat those sobering savings rates through a program called Save to Win. The program rewards people for saving by entering them for a chance to win up to $10,000 for each $25 they save. Six Michigan winners recently received the call of a lifetime -- they had won the $10,000 grand prize!
Susan A., a Lake Trust Credit Union member, was one of the winners. She says she’s been with the credit union for 40 years dating back to when Lake Trust was State Employees Credit Union. Susan learned about Save to Win after she saw a media report about a previous winner taking home the grand prize.
“I love Save to Win, especially now,” she said, “For me, it just promotes saving.”
Susan says she has no immediate plans for the money. Instead she gets a kick from watching money accumulate in her account.
Save to Win deposits total more than $7 million at Lake Trust Credit Union. Eleven Lake Trust winners have won $50 and three have won grand prizes.
“We’re thrilled that our members have the opportunity to be part of this outstanding program – they love the program and the option they have to make smaller deposits to start a bigger savings, which is different than what you would see with a traditional CD,” Lake Trust President and CEO David Snodgrass said.
This year’s other winners, who are scattered throughout the lower and upper peninsulas, come from Dewitt, Escanaba, Houghton Lake, Ishpeming, Muskegon and Southfield. They will receive their grand prizes at celebrations at their credit unions during the Week of Winning on February 9-13.
How Save to Win works: Members open Save to Win accounts by making opening deposits of $25. That contribution gives members their first entry into the drawings, and every subsequent $25 deposited gives them another chance to win. Members can contribute up to $250 a month, and winners are drawn every month.
Winners will be honored at the following dates and times:
| Date | Time | Credit Union Name | Credit Union address |
| Feb. 9 | 10 a.m. | Lake Trust CU | 12750 Escanaba Dr, Dewitt |
| Feb. 9 | 2 p.m. | People Driven CU | 24333 Lahser Road, Southfield |
| Feb. 10 | 11a.m. | North Central Area CU | 2665 South Reserve Road, Houghton Lake |
| Feb. 11 | 10 a.m. | TruNorth Federal CU | 1419 N. Second Street Ishpeming |
| Feb. 11 | 2 p.m. | Peninsula Federal CU | 301 North 30th St. Escanaba |
| Feb. 13 | 11 a.m. | First General CU | 589 E. Ellis Road, Muskegon |
Save to Win was launched in 2009 as a collaboration between the Michigan Credit Union League, the Filene Research Institute and the Doorways to Dreams Fund. Designed to appeal to credit union members and to encourage consumers to save, Save to Win has helped more than 50,000 credit union members save more than $94 million. Up to 81 percent of those members setting aside some savings are considered financially vulnerable.
Save to Win recently shifted to a multi-state format in which Michigan, Nebraska and Connecticut are combining their resources to expand the program to a larger national platform. With this new model, more members will win money with monthly and quarterly prizes ranging from $25-$5,000.
About the Michigan Credit Union League & Affiliates
Organized in 1934, the Michigan Credit Union League is a trade association representing Michigan’s Credit Unions. Based in Lansing, the MCUL works to build awareness of these locally owned, cooperative institutions and their mission to support members, communities and local businesses. For more information, visit www.mcul.org, follow us on Facebook at www.facebook.com/MICreditUnions and connect with us on Twitter at www.twitter.com/MICreditUnions.