PLANO, Texas–The Cornerstone Credit Union League said it has introduced a new version of the "Save to Win" program with both national and league-level prizes for members of credit unions in Arkansas and Texas.
Save to Win is a prize-linked savings program that increases a credit union's wallet share and teaches members to build savings. The program was originally developed by the Michigan league and introduced in 2009, and has since spread to a number of other states.
"We're excited to bring Save to Win to our membership because everyone wins with this program," said Cornerstone President/CEO Caroline Willard in a statement. "Credit unions win by increasing wallet share and further demonstrating the credit union difference. Members win because they're saving while competing for a prize, and even those who don’t win prizes win by getting into the habit of saving."
Nearly $180 Million Saved
The CCUL noted that to date the program has helped members save nearly $180 million and has awarded more than $2.4 million in prizes. Save to Win also helps credit unions “score big with their most sought-after audience too—Millennials, who make up 33% of the program’s participants. Best of all, it’s fee-free for members and a minimal investment for credit unions,” the CCUL said.
"Save to Win is a simple way for credit unions to incentivize and encourage their members to save in a fun and financially rewarding way," said Cornerstone's Innovation, Collaboration, and Engagement Committee Chair Sean Cahill, who led the effort to advance this program toward approval, according to the CCUL. "And after all, helping our members build wealth and live better lives are key components of our primary mission."