Lucky Savers winner announcement
ALBANY, NY (November 6, 2020) — First New York Federal Credit Union has a $1,000 winner from the “Lucky Savers” program.
With so many New Yorkers struggling to put money away for the future, how can credit unions encourage members to save? One promising way is to ensure that the act of saving is fun. Lucky Savers is structured to do exactly that: help motivate individuals to save by rewarding smart savings behavior.
Lucky Savers is modeled after a national award-winning product developed by Doorway to Dreams and the Filene Research Institute called Save to Win. Thanks to a state law passed in 2015, New York became one of several states throughout the country that allows credit unions to offer this product to members.
A Lucky Savers account is a 12-month share certificate with unlimited deposit capabilities, and members can open the account with a $25 deposit. For every $25 in month-over-month balance increases, account holders earn one entry into monthly and quarterly prize drawings. The program can help all credit union members build a financial safety net, but it was created specifically with new-savers and the financially vulnerable in mind.
Lucky Savers helps advance the credit union mission of “People Helping People” by providing members with a way to build good savings habits with the added excitement of more traditional games of chance.
We are excited to announce “Lucky Savers” winner, Steven B. of Albany. Congratulations to Steven for being our $1,000 Lucky Saver!
About First New York Federal Credit Union
Founded in 1937, First New York Federal Credit Union is a full-service financial institution providing personal and business banking to consumers and businesses in the Capital Region. First New York offers complete financial services including checking and savings accounts, auto and home loans, credit cards, online and mobile banking, business services, commercial and investment services. The Credit Union currently has $380 million in assets and serves over 33,000 members with full-service branches in Albany, Cobleskill, Glenville, Halfmoon, Niskayuna, North Greenbush, Rotterdam and Saratoga and more than 30,000 fee-free network ATMs nationwide and convenient, free online and mobile banking. For more information, call 518-393-1326, visit www.firstnewyork.org or follow First New York on Facebook @facebook.com/firstnewyorkfederalcreditunion, Twitter @FirstNewYorkFCU, and Instagram @firstnewyorkfcu for news and updates.