Savings program helps support the Connecticut Food Bank this month
MERIDEN, CT (September 1, 2016) — Connecticut’s Credit Unions are working to raise $10,000 for the Connecticut Food Bank in conjunction with an innovative new prize-linked savings program called Save to Win. For the month of September, Connecticut’s Credit Unions will donate $25 for every new Save to Win account opened at a participating credit union, up to $10,000.
Since launching in April 2015, this prize-linked savings account has encouraged credit union members to save more than half a million dollars and has paid out thousands of dollars in prizes. Save to Win 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 ten Connecticut credit unions offering Save to Win 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)
- Hartford Municipal EFCU (Based in Hartford)
- Healthcare Financial FCU (Based in New Haven)
- Manchester Municipal FCU (Based in Manchester)
- Seasons FCU (Based in Middletown)
- Windsor Locks FCU (Based in Windsor Locks)
- Western Connecticut FCU (Based in Bethel)
A 2016 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 that now includes eight states.
Bankrate report: www.prnewswire.com/news-releases/63-of-americans-cant-afford-500-car-repair-or-1000-emergency-room-visit-300200097.html
About Credit Union League of Connecticut
The Credit Union League of Connecticut serves, advocates for, and advances the interests of Connecticut credit unions in order to support their growth and maximize the positive impact credit unions have on their members, communities, employees, and on all their relationships. For the past 85 years, The Credit Union League of Connecticut has helped its members position for sustainable success and growth through a variety of offerings including government relations, regulatory compliance, executive education, vendor partnerships, and marketing services.
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.
