Saver's Sweepstakes program expanding in September
Tuesday, September 4, 2018
Credit Union Journal (September 4, 2018) - In September, 14 credit unions in 45 cities in Wisconsin and Minnesota will be offering a saving incentive program called Saver’s Sweepstakes.
As previously reported by Credit Union Journal, the program made its debut in Wisconsin in May after it was modeled on the WINcentive program in Minnesota and developed in partnership with the Minnesota Credit Union Network.
Saver’s Sweepstakes rewards participating credit union members for saving by automatically entering them to win cash prizes. It includes a grand prize of $5,000. Overall, $75,000 in prizes are expected be awarded in 2018, organizers said.
Participants open special deposit accounts that pay them dividends while automatically entering them in monthly, quarterly and annual cash prize drawings. Each saver earns one entry into the monthly and quarterly sweepstakes for every $25 in month-over-month balance increases, up to six entries per month. The first Saver’s Sweepstakes accounts will be opened in September and the first prizes will be awarded on Oct. 18 – International Credit Union Day.
More information on the program can be found at www.saverssweepstakes.com.
“This is a tremendous incentive for Wisconsin consumers to save, and by doing so, have a chance to win needed cash to weather the occasional financial challenge,” Brett Thompson, president and CEO of the Wisconsin Credit Union League, said in a statement.
Since 2009, more than $190 million has been saved in 30,000 credit union prize-linked savings accounts in 13 states, according to Commonwealth. Close to 90 percent of PLS savers were financially vulnerable, but saved more than $2,400, on average.
The Wisconsin CU League noted credit unions in the Badger State supported recent legislation to bring Saver’s Sweepstakes to Wisconsin. The League said helping improve members’ financial health is a focus of credit unions’ statutory mission. “To that end, Wisconsin credit unions have returned more than $2 billion to Wisconsin citizens over the past decade through lower interest rates on loans, higher savings rates and lower and fewer fees,” the league said.