Save to win: a lottery no one can lose
Prize-linked savings in Connecticut offers a win-win for consumers
WALLINGFORD, CT (January 12, 2016) — With the Powerball jackpot at an all-time high, those who don’t win are left with nothing but a dream. What if the money put into lottery tickets was actually put toward personal savings? Connecticut credit union members finished 2015 with nearly half a million dollars saved and have received thousands paid out in prizes. Save to Win is the lottery you can’t lose.
Launching in Connecticut in April of 2015, this prize-linked savings account gives state residents the chance at winning up to $5,000 just for saving their money. Prizes range from $25 for monthly drawings and offer $500, $1,000, and $5,000 drawings quarterly. Credit union savers earn entries for every $25 they save in a given month, with a maximum of ten entries per month.
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)
A recent Bankrate report showed that almost two in three Americans don’t have enough savings to pay for a $500 car repair or $1,000 emergency room bill.* Save to Win gives people a real option for improving their financial situations by building incremental saving habits. A saver getting the maximum amount of entries will save $3,000 over a year. 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.
Find a participating credit union at ctcreditunions.org/savetowin.
*Bankrate report: www.prnewswire.com/news-releases/63-of-americans-cant-afford-500-car-repair-or-1000-emergency-room-visit-300200097.html
About Connecticut’s Credit Unions
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. To learn more, visit ctcreditunions.org.