LANSING, Mich.—Six members of Michigan credit unions have each won $10,000 as part of the statewide Save to Win program. That program is designed to help people set aside more savings in order to deal with financial emergencies and other unknown costs by offering prizes for setting money aside.
Susan A., a Lake Trust CU member and winner of $10,000 in Save to Win program.
Michigan’s Save to Win program rewards people for saving by entering them for a chance to win up to $10,000 for each $25 they save. Members can contribute up to $250 a month, and winners are drawn every month.
According to the Michigan CU League, Susan A., a Lake Trust Credit Union member, was one of the winners. She said she’s been with the credit union for 40 years dating back to when Lake Trust was State Employees Credit Union. Susan learned about Save to Win after she saw a media report about a previous winner taking home the grand prize.
Save to Win deposits total more than $7 million at Lake Trust Credit Union. Eleven Lake Trust winners have won $50 and three have won grand prizes, according to the league.
“We’re thrilled that our members have the opportunity to be part of this outstanding program – they love the program and the option they have to make smaller deposits to start a bigger savings, which is different than what you would see with a traditional CD,” said Lake Trust President and CEO David Snodgrass.
This year’s other winners, who are scattered throughout the lower and upper peninsulas, come from Dewitt, Escanaba, Houghton Lake, Ishpeming, Muskegon and Southfield. They are receiving their grand prizes at celebrations at their credit unions during this week.
Save to Win was launched in 2009 as a collaboration between the Michigan Credit Union League, the Filene Research Institute and the Doorways to Dreams Fund, and to date has helped more than 50,000 credit union members save more than $94 million. Up to 81% of those members setting aside some savings are considered financially vulnerable, according to the league.
Save to Win recently shifted to a multi-state format in which Michigan, Nebraska and Connecticut are combining their resources to expand the program to a larger national platform. With this new model, more members will win money with monthly and quarterly prizes ranging from $25-$5,000.