In January, seven credit unions in North Carolina launched Save to Win, an innovative program that encourages people to develop a regular habit of saving money. Save to Win creates excitement around the concept of saving money by offering participants the opportunity to win monthly prizes – and a chance at a $30,000 grand prize at the end of the campaign.
American Partners FCU, Greensboro Municipal FCU, Mountain, CU, Piedmont Advantage CU, Premier FCU, Telco Community CU and Winston-Salem FCU are the seven credit unions launching the year-long campaign this month.
The NC Credit Union League (NCCUL), in partnership the Michigan Credit Union League (MCUL), is administering the program on behalf of the credit unions. “Save to Win has proven to be a great way to get people into the regular habit of saving money while having a lot of fun,” said NCCUL President/CEO John Radebaugh. “We look forward to watching thousands of North Carolinians combine to save a lot of money in the year ahead.”
Save to Win participants open a special 12 month share certificate (similar to a certificate of deposit or CD) at the credit union to enter into the campaign. Participants earn chances for the monthly, quarterly, and grand prizes by making additional deposits to the share certificate in $25 increments (up to 10 chances per person per month). Participants do not lose any of their deposits and earn dividends on the money they save. Each account is insured up to $250,000 by the National Credit Union Administration.
“The real beauty of the campaign, remarked Radebaugh, “is that participants end up building a cushion of savings regardless of whether they win a prize. It’s a no-lose proposition.” Radebaugh added that the campaign is open to current members or those eligible to join a participating credit union.
MCUL first implemented Save to Win in Michigan in 2009. In the first year of the campaign, more than 11,000 people there combined to save more than $9 million. The campaign has grown steadily in size and credit union participation in the years since.