RALEIGH, N.C. Seven North Carolina credit unions last week introduced the state’s first savings sweepstakes, which will award a grand prize of $30,000 and monthly cash prizes the first of three states planning new statewide savings contests.
With North Carolina’s “Save to Win,” modeled after the Michigan CU League’s $100,000 sweepstakes, savers get to enter by taking out a special 12-month CD at a participating credit union. Each saver earns chances to win monthly prizes, quarterly lotteries or the grand prize by making additional deposits to their CDs in $25 increments, up to 10 deposits per month.
Each account is insured up to $250,000 by NCUA.
“Save to Win has proven to be a great way to get people into the regular habit of saving money while having a lot of fun,” said John Radebaugh, president of the North Carolina CU League, which is administering the sweepstakes with the help of the Michigan League.
Participating credit unions are: American Partners FCU, Greensboro Municipal FCU, Mountain CU, Piedmont Advantage CU, Premier FCU, Telco Community CU and Winston-Salem FCU.
Credit unions in at least two other states, Washington and Nebraska, also are planning to introduce savings sweepstakes later this year.