Starting today, Patelco Credit Union, a top Northern California credit union is launching Play. Save. Win. to empower families to build better saving habits. Patelco is partnering with SaverLife by EARN, an award-winning national nonprofit helping Americans take charge of their financial lives with technology. The program encourages Patelco members to set up automatic transfers into their respective Patelco savings account by offering cash prizes.
“Patelco is committed to helping our members achieve lifelong financial well-being.” said Erin Mendez, President and CEO of Patelco Credit Union. “Many working families have a hard time saving — 39% of Americans do not have $400 saved to cover emergencies. We want to help people take control of their financial future and start saving more. Saving regularly, however big or small, can make a big impact over time in people’s financial lives. We’re here to help them get started, while making it fun and rewarding.”
“Patelco is a forward-thinking credit union, committed to investing in the long-term financial success of their members,” says Leigh Phillips, CEO of EARN.org. “By offering their members access to a proven solution to help people start and keep saving, they are paving a path to prosperity.”
SaverLife uses proven behavioral techniques to build a savings habit. SaverLife’s instant win games provide a fun, immediate reward for saving, leading to a significant increase in savings rates. With the introduction of SaverLife's popular Scratch and Save game in 2018, savings activity shot up by as much as 30%. Scratch & Save has been played over 50,000 times.
Patelco’s Play. Save. Win. game is the first of its kind, designed to reward members for establishing good savings habits. By saving a minimum of $5 a week, the member will get to play a digital scratcher game for a chance to win $5, $25, $50 or $100. They will also be entered automatically into the monthly grand prize drawing for a chance to win $10,000.
The program is open to both new and existing Patelco members with checking and savings accounts, and runs from June 17 to Sept 30, 2019. All participants must be legal California residents who are 18 years of age or older.