LIVONIA, Mich. (1/13/15)--Save to Win, the prize-linked savings (PLS) program sponsored by the Michigan Credit Union League (MCUL) subsidiary CU Solutions Group, will soon be launched on a multi-state basis.
Credit unions in Michigan, Nebraska and Connecticut are joining forces to promote the first large-scale multi-state PLS program to their members. Credit unions in North Carolina, New York and Washington are looking to join the multi-state program in 2016 and 2017, MCUL said.
"Save to Win is the perfect example of credit unions doing what they do best--helping members improve their financial lives," said CU Solutions Group CEO David Adams. "The program helps them learn critical life skills and grow their personal wealth while having fun all at the same time."
Through the Save to Win program, members open a 12-month share certificate and for each deposit of $25 or more, they earn an entry into the monthly prize drawings; up to 10 entries per month.
At the end of the month, prizes totaling $3,750 will be awarded to 150 members who made savings deposits during the month. The members' entries will also be entered into quarterly drawings for chances to win prizes ranging from $500 to $5,000.
Save to Win motivates members to save money by offering chances to win prizes. Members are guaranteed to have more money saved than when they started since they keep all their saved dollars, plus interest. Since the program began in 2009, it has helped more than 50,000 credit union members save more than $94 million.
Last month, the U.S. Senate passed legislation that would allow credit unions and other financial institutions nationwide to offer PLS accounts. President Barack Obama signed the American Savings Promotion Act into law Dec. 18.
Ten states allow prize-linked savings programs: Connecticut, Indiana, Maine, Maryland, Michigan, Nebraska, New York, North Carolina, Rhode Island and Washington.