OMAHA, Neb. (3/25/15)--They came, they saved and, thanks to the prize-linked savings (PLS) program Save to Win, two credit union members from Nebraska won, and won big.
Jacquelyn Michals Oppegard, member of Gallup FCU, Omaha, Neb., and James Patterson, member of Omaha (Neb.) Police FCU, each took home Save to Win grand cash prizes of $5,000 earlier this month for participating in the state's PLS program (The Affiliate March 17).
Save to Win, just one form of PLS, promotes positive savings behavior by awarding credit union members with entries into cash-prize raffles for each time they deposit $25 in a month.
The more a member saves, the more chances they have to win cash prizes, such as those won by Oppegard and Patterson.
"This program is a win-win for the credit union member," said Nebraska Credit Union League President/CEO Scott Sullivan. "They keep the savings that they've accumulated over the year, the interest accrued, and they get chances to win additional cash to add to their savings."
More than 1,400 Save to Win accounts have been opened in Nebraska since the program's inception, leading to more than $3 million in savings.
In 2014, $43,000 in cash prizes were awarded to 273 credit union members in Nebraska alone.
This year, however, Nebraska has joined the multistate Save to Win program, which will result in more monthly and quarterly prizes for credit union members.
Through the multistate program, which includes Michigan, Nebraska and Connecticut, Save to Win will award:
North Carolina, New York and Washington credit unions are looking to join the multistate program in 2016 and 2017 as well.