LIVONIA, Mich.–The Save to Win program is expanding into Georgia.
CU Solutions Group, the CUSO of the Michigan league that offers the program, said it is now working with the League of Southeastern Credit Unions & Affiliates (LSCU) on the prize-linked savings promotion. Columbus, Ga.-based Kinetic Credit Union is the first credit union in the state to sign up for the program. CUToday.info has expanded coverage about the program here.
“Developing good savings habits are crucial to having financial stability,” said Mark Littleton, president and CEO of Kinetic Credit Union, in a statement. “The Save to Win partnership will benefit our members of all ages, from those just starting out in the workforce or college to members who are retired. The cash incentives are a great way to encourage members to save on a consistent basis. It’s a no-lose situation – even if you don’t win, you’re creating strong habits while building your savings for the future.”
According to CU Solutions Group, Save to Win accounts promote healthy saving by qualifying account holders for monthly and quarterly cash prizes each time they make a $25 deposit. To date, the program has helped members save approximately $195 million and has awarded more than $3.3 million in prizes. In addition, the company said 74% of Save to Win account holders say the program makes them more excited about their credit union and 63% say that the program incentivizes them to use other financial products offered by the credit union.
‘Smart Savings Habits’
“Save to Win is a proven way to motivate smart savings habits,” said Dave Adams, president and CEO of CU Solutions Group. “Credit unions who are participating in the program say they see an increase in members who open secondary savings accounts and have been utilizing Save to Win in promoting membership and savings. We’re excited to work hand in hand with the League of Southeastern Credit Unions & Affiliates to bring Save to Win to more credit unions and their members.”
According to statistics released by CSG and Save to Win, 52% of account holders say they had no emergency savings before participating in the program, and 11% of participants say they joined their credit union solely to take part in Save to Win.
The program celebrated its 10-year anniversary in 2019 and continues to grow as prize-linked savings legislation is passed in more states. Save to Win is now offered at 132 credit unions spanning 19 states.