INDIANAPOLIS–Twelve credit unions across this state will launch the savings program “Save to Win” today.
By making a $25 deposit, members at participating credit unions will be entered into drawings throughout the year and will get chances to win cash prizes, all while building their savings balances. The debut in the Hoosier State comes just days after a similar program was launched in Oregon.
In Indiana, the state-level prize pool will feature monthly and quarterly prizes ranging from $50-$1,000 and a national prize pool will offer quarterly prizes from $25-$5,000. The combined prize pool is more than $140,000 in 2016. Savers earn entries for every $25 they save in a given month, with a maximum of ten entries per month. The first prize drawing will take place in mid-May.
Participating CUs include:
- Crane CU, Odon
- Evansville FCU, Evansville
- Evansville Teachers FCU, Evansville
- Financial Builders FCU, Kokomo
- Financial Center First CU, Indianapolis
- Members Advantage CU, Michigan City
- Members Choice FCU, Bloomington
- Members Source CU, Merrillville
- Natco CU, Richmond
- One Vision FCU, Clarksville
- Sterling United FCU, Evansville
- Thrive CU, Muncie
“Save to Win offers an option for developing good savings habits and improving people’s financial situations. A saver getting the maximum amount of entries will save more than $3,000 at their credit union over a year,” said Indiana Credit Union League President John McKenzie. “As member-owned cooperatives, credit unions are especially focused on member benefits, and this program is all about helping members get ahead.”
The Indiana League said that additional Indiana credit unions are expected to offer the program later this year.
Indiana passed prize-linked savings into law in 2014. In 2015, Indiana’s credit unions partnered with the Indiana Credit Union League and Save to Win to begin making plans for the 2016 roll-out. The program was first offered in Michigan in 2009.