FEDERAL WAY, Wash. (3/28/13)--The Northwest Credit Union Association (NWCUA) and six credit unions in Washington have partnered with CU Solutions Group (CUSG) to offer the savings program Save to Win beginning Monday. Washington is the fourth state to offer the program.
"Research has shown that with Save to Win, un-banked and under-banked consumers become savers, often for the first time in their lives," said Troy Stang, NWCUA president/CEO. He added, "We know the result will be more financially fit consumers who are better prepared now to save for their goals."
NWCUA and its launching credit unions researched operations models and opted to contract with Michigan-based CUSG to operate the program for three years. Michigan's program has resulted in 40,000 unique accounts and deposits in excess of $70 million.
Legislation allowing credit unions to offer prize-linked savings accounts passed in the Washington Legislature in 2011. Washington's Save to Win program has a similar model to those currently offered in Michigan, Nebraska and North Carolina.
By making a $25 deposit, members at the six participating credit unions will be entered into a drawing to win a $5,000 annual prize and monthly prizes up to $5,000. The savings program is available to Washington state residents 18 years of age or older, who open accounts at a participating credit union.
Save to Win offers the excitement of a lottery without the risks of losing the money used to purchase a ticket. Members are guaranteed to have more money saved than when they started, because their funds stay in the account. NWCUA's Strategic Link subsidiary is funding the prize pool for three years.
Members open a share certificate and for each deposit of $25 or more they earn an entry into the monthly prize drawings, up to 10 prize entries per month. At the end of the month, prizes totaling up to $5,000 will be awarded to members. The member entries also will be entered for the annual prize drawing of $5,000 in April 2014.
Credit unions participating in this program are: