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
First New York Federal Credit Union is a full-service not-for-profit financial cooperative providing banking and lending services to consumers and businesses in the Capital Region. First New York offers a full suite of financial services including checking and savings accounts, mobile and online banking, home and auto loans, credit cards, commercial lending and investment services. First New York has over $473 million in assets and serves 35,000+ members. The credit union has eight full-service branches in Albany, Cobleskill, Glenville, Halfmoon, Niskayuna, North Greenbush, Rotterdam, and Saratoga, and scholastic branches in Schenectady, Burnt Hills-Ballston Lake and Mohonasen High Schools. Members can also access 5,600+ shared branch locations and 30,000+ fee-free ITM/ATMs nationwide.
