Crane Credit Union, a $546 million institution based in Odon, Ind., has distributed nearly $18,000 in cash prizes to its members since it launched the popular prize-linked savings program Save to Win.
Some members won individual cash prizes ranging from $25 to $500, while one member won $1,000 in January and two other members won $500 each.
Under the program, called “Save to Win,” members at participating credit unions who make a $25 deposit are entered into drawings throughout the year, and get opportunities to win monthly and quarterly prizes from two different prize pools.
The state-level prize pool features monthly and quarterly prizes ranging from $50 to $1,000 and a national prize pool offers quarterly prizes from $25 to $5,000.
Crane CU also distributes $500 in prizes each month to its members; credit union members simply need to save their money to qualify.
The credit union explained that savers earn entries for every $25 they save in a given month, with a maximum of ten entries per month.
Crane CU posted net income of about $5.4 million in 2017, up from about $4 million in 2016.