LANSING, Mich. (2/23/12)--Members of Michigan credit unions saved $34 million in 2011 through the statewide Save to Win program.
Launched in 2009, Save to Win offers cash prizes to persuade families to save money instead of spending it on the lottery or other games of chance.
Members participating in Save to Win in 2011 had an average balance of more than $2,000, which compares to an average balance of $1,871 and total savings of $30 million in 2010.
Each $25 deposit into a Save to Win certificate entitles a participating member to an entry in an annual drawing for a $100,000 grand prize. This year's winner, a member of Lansing based Astera CU, will be announced today. The program also awards monthly prizes ranging from $100 to $1,000. Participating credit unions may also choose to make individual awards to members.
The Michigan Credit Union League, the Filene Research Institute and the Doorways to Dreams Fund collaborated to develop the Save to Win program.