LIVONIA, Mich. (2/11/14)--Six Michigan credit union members each will receive $10,000 for taking part in the "Save to Win" program, which resulted in $33 million in savings overall.
More than 12,500 "Save to Win" accounts were opened through the end of 2013, with an average balance of $2,600 per account (Monitor Feb. 10).
This week, two grand prizes will go to members of Community Driven CU, Ypsilanti, $59 million in assets. The other four winners are members of Christian Financial CU, Roseville, $284 million in assets; Sunrise Family CU, Bay City, $95 million in assets; and Public Service CU, Romulus, $137 million in assets.
More than $38.5 million has been saved among the four states--Michigan, Nebraska, North Carolina and Washington--that use the "Save to Win" program, with more than $1 million in prizes being distributed.
Participating members earn one entry into the grand prize drawing for every $25 deposit they make into a "Save to Win" account. Smaller prizes also are awarded through the year. All deposits generate interest, build accounts and encourage savings behavior.