March 30, 2016Save To Win logo-three lines stacked

News Release: New credit union-based savings program launches with $140,000+ in prizes

STATEWIDE -- Indiana’s credit unions are reinventing the way they think about traditional saving products and are starting to offer members a new savings concept that offers multiple benefits.

The Indiana Credit Union League and 12 credit unions across the state are collaborating to offer an innovative savings program called Save to Win. 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 best part of the program is that members get to keep all the money they save plus interest regardless of the drawing outcome. Save to Win rewards credit union members for saving money, not for spending money.
Launching at 12 Indiana credit unions on April 1, this prize-linked savings account gives Hoosier savers the chance to win monthly and quarterly prizes from two different prize pools. 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. Credit union members just need to save their money to qualify. 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 credit unions and their headquarter cities are listed below:  
·         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.”
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 and has continued to grow and flourish in other states. Indiana is one of just nine states whose credit unions are offering Save to Win.