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IWall St. JournalI features Mich. CUs push for savings
NEW YORK (7/21/09)--The “Save to Win” program, launched earlier in 2009 for members of eight Michigan credit unions, was featured in a Saturday article in The Wall Street Journal. Author Jason Zweig mentioned the program in an article about using a lottery or gambling effect to make saving more “exciting” and as an incentive to get people to save more. The Saving to Win program, designed by Peter Tufano of the Harvard Business School, is a combination of a certificate of deposit (or share certificate) and a raffle ticket, Zweig wrote. By placing $25 or more into a Save to Win one-year certificate, members are entered into a monthly savings raffle to win prizes up to $400, plus an annual drawing for a $100,000 jackpot, Zweig explained. The certificate, which the National Credit Union Administration federally guarantees, pays interest of between 1% and 1.5%--slightly lower than conventional rates, the article said. The program has brought in roughly $3.1 million in new deposits--including from members who have been unable to save money in the past, he added. The article also quoted a member of Communicating Arts CU of Detroit and the credit union CEO. The Save to Win program is supported by a partnership among the Filene Research Institute, the D2D Fund, and the Michigan Credit Union League. “This recognition feels like being called up to the Big Leagues,” says Denise Gabel, Filene chief innovation officer. “Everyone involved has been working tirelessly to help consumers save, and it’s gratifying to earn this kind of national notice.” For the full article, use the link.
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