OMAHA, Neb. – With five months left in the year, the Save-To-Win program has helped Nebraska credit union members save more than $1 million, according to the Nebraska Credit Union League.
Nebraska is one of five credit union leagues offering the program, which originally was conceived by Filene Research Institute’s i3 group and then implemented by the Michigan Credit Union League.
The Save-to-Win accounts are 12-month savings certificate accounts that allow for ongoing deposits. Prize incentives, a competitive interest rate and small deposit requirements draw members to the program, organizers said. With every $25 deposited, members qualify for a chance to win a grand prize of $25,000. Monthly cash prizes also are awarded.
With five more months of the program left to go, about 1,300 accounts have been opened, and participating members have saved a total of $1,123,880 – or approximately $857.27 per account.
“The number of Nebraskans who are financially unfit, who are living paycheck to paycheck, is quite alarming,” Sullivan said. “We designed the Save-to-Win program to give credit union members an opportunity to improve their financial situations with a fun and easy savings program.”