LANSING, Mich. (2/10/15)--Michigan's Save to Win program benefits all players, given the boost in savings participants are--at the very least--guaranteed to receive. But a handful of lucky Michigan residents just learned news of a whole lot more icing on that cake.
Save to Win Michigan will distribute six $10,000 grand prize drawings. On Monday, Lake Trust CU, Brighton, Mich., awarded the first prize to Susan A. who said, "I love Save to Win ... for me, it just promotes saving." (Lake Trust CU Photo)
Six participants recently were awarded $10,000 grand prizes for participating in Save to Win, a type of prize-linked savings program where credit union members put away $25 in savings in exchange for entries into monthly, quarterly and annual grand prize cash drawings.
The best part is that the winners, and the "losers," risked absolutely no money for a chance to win.
"I never thought I would win this prize," said Laurie, member at TruNorth FCU, Ishpeming, Mich., with $129 million in assets. The winnings will allow Laurie and her husband to make needed repairs to their roof.
David Snodgrass, president/CEO of Lake Trust CU, Brighton, Mich., with $1.6 billion in assets, lauded Save to Win, which his credit union offers to members.
"They love the program and the option they have to make smaller deposits to start a bigger savings, which is different than what you would see with a traditional certificate of deposit account," Snodgrass said.
Other credit unions with winning members include: People Driven CU, Southfield, with $183 million in assets; North Central Area CU, Houghton Lake, with $99 million in assets; Peninsula FCU, Escanaba, with $120 million in assets; and First General CU, Muskegon, with $66 million in assets.
Save to Win has helped more than 50,000 credit union members save more than $94 million, and up to 81% of those members are considered financially vulnerable, according to the Michigan Credit Union League.
Save to Win recently shifted to a multistate format where Michigan, Nebraska and Connecticut will combine their resources so that more members of credit unions can participate.