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CT Save to Win promotion grows; three winners announced

“Powerball of saving” generates three in-state winners after just two months.

STATEWIDE, CT (July 7, 2015) — After launching the Save to Win prize-linked savings promotion in April of this year, Connecticut’s Credit Unions are excited to announce three Connecticut winners were selected for May from a total of 11,216 accounts in Connecticut, Michigan, and Nebraska.

This savings promotion provides monthly and quarterly prize payouts to participating credit union members. The three Connecticut winners were part of the monthly prize drawing and each received $25. They are still eligible for the upcoming quarterly drawing with prizes of $5,000, $1,000, and $500. Similar to a lottery like Powerball, the more states and credit unions that join the Save to Win program, the larger the potential winnings will grow each year for credit union members.

Starting this July, Western Connecticut Federal Credit Union in Bethel will begin to offer Save to Win to their membership. In total, eight credit unions in Connecticut offer the innovative savings program. 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.

“It’s encouraging to see another Connecticut credit union join the Save to Win program to help their members develop better saving habits,” said Keith Wiemert, president/CEO of Seasons Federal Credit Union. Wiemert also represents Connecticut’s Credit Unions as board chair of their state trade association. “It’s the smaller amounts here and there that can add up and really make a difference.”

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!

“Saving money or even the thought of trying to do it is challenging for many of our members,” said Sabrina DeFazio, president of Western Connecticut Federal Credit Union. “The Save to Win program gives us a fun and easy way to talk with members about saving money. It is a win-win situation for everyone! Our members save money, have a chance to win cash prizes, and we get to see them feel more secure with their finances.”

Here’s how the Save to Win program 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 eight Connecticut credit unions participating in this program are:

  • Achieve Financial CU (Based in Berlin)
  • Connex CU (Based in North Haven)
  • Dutch Point CU (Based in Wethersfield)
  • Hartford Healthcare FCU (Based in Hartford)
  • Healthcare Financial FCU (Based in New Haven)
  • Seasons FCU (Based in Middletown)
  • Windsor Locks FCU (Based in Windsor Locks)
  • Western Connecticut FCU (Based in Bethel)

While many Americans are borrowing more money than they are saving, Save to Win 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. Connecticut passed prize-linked savings into law in 2013. In 2015, Connecticut’s 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 find a participating credit union, 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. Credit unions are not-for-profit financial cooperatives. 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.

Photo Caption: Timothy Dube (right) was one of the first three winners in Connecticut for the Save to Win program. Dube is photographed with Carl Casper(left), VP of Customer Advocacy at Connex CU based in North Haven.

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