WINSTON-SALEM, N.C.—James Tucker, a member of Piedmont Advantage Credit Union, won the $10,000 grand prize in North Carolina’s “Save to Win” prize-linked savings program.
Tucker is one of 1,900 participating credit union members who have saved more than $3.8 million at seven North Carolina credit unions since 2013, the first year of the savings raffle. Piedmont Advantage members have opened more “Save to Win” accounts, 612, than any other credit union, and members have saved more than $1.2 million and won other total prizes of $7,425 along with a 2014 grand prize.
The “Save to Win” program is aimed at supporting positive savings habits and offers prizes for doing so.
“The Save to Win program means so much to us as an organization, simply because it means so much to our members,” said Piedmont Advantage Credit Union CEO, Judy Tharp. “It aligns with our vision and is just part of our commitment to enhance the lives of our members.”
With each $25 deposit in a Save to Win savings account, a member is entered into monthly, quarterly, and grand prize drawings. In North Carolina, 52% of participants had not saved regularly prior to joining the program, while 54% reported household income of less than $40,000—and 17%earn less than $20,000.
Numerous states have passed legislation permitting similar Save to Win programs, and federal legislation also recently passed. Save to Win originated in Michigan.