TIGARD, Ore.–Three Oregon credit unions have signed on to become the first to offer “Save to Win” accounts in this state, which offer consumers the opportunity to build their savings nest eggs while also making them eligible for cash prize drawings. Launching programs in April will be USAgencies Credit Union in Portland, Sunset Science Park FCU in Portland, and Northwest Community Credit Union in Eugene.
Oregon has become the latest state to permit the Save to Win accounts following the passage of legislation in the state. Since the “Save to Win” program began in Michigan in 2009, it has expanded to eight other states, saving consumers $115 million.
“As Oregonians, we all have the opportunity to improve the health of our household finances every day. Prize-linked savings programs, like credit unions’ Save to Win program, catalyze that all-important first step toward savings for many,” said Troy Stang, Northwest Credit Union Association President and CEO. “It demystifies savings in a tangible way while encouraging longer-term financial behaviors, helping families build financial strength.” The NWCUA noted that the most recent data from neighboring Washington shows Save to Win’s success with financially vulnerable populations in that state. Sixty-eight percent of new account holders never had a CD before opening a Save to Win Account. In addition, 60% of those surveyed reported having little to no emergency savings. Eighty-eight percent of accounts opened in 2013 rolled over into 2014, suggesting strong momentum toward longer-term savings plans for many.
At the end of April prizes totaling $3,700 will be awarded to 148 members who made deposits during the month. The members’ entries, up to 30 prize entries per quarter, will also be entered into the quarterly prize drawing, where 30 members will win cash prizes of $500, $1,000, or $5,000.
Additionally, Oregon has a statewide prize pool specific to Oregon members only. The entries are calculated the same, however, Oregon residents have the ability to win a monthly and quarterly prize as well. At the end of each month, eight winners will be randomly selected for a $25 prize and four winners will be selected at the end of each quarter for a $100 prize.