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Michigan CUs launch 100000 Save to Win account
MADISON, Wis. (2/11/09)--Starting in February, members of eight participating Michigan credit unions have a chance to win monthly prizes, and a grand prize of $100,000 by saving throughout the year in a new Save to Win program. The program focuses on how much money people save, in contrast to most reward-type programs based on how much people spend. “The Michigan credit unions in this pilot program are leading the way by exploring new financial solutions to enrich the lives of their members,” said David Adams, president/ CEO of the Michigan Credit Union League. Save To Win aims to energize consumers’ savings habits through a federally insured savings account. Each deposit of $25 into the share certificate earns participants an entry into monthly and grand prize drawings. In addition to the grand prize, credit unions will give away $39,000 in monthly prizes. Those who don’t win a prize will still earn regular interest and build savings, the league said. The pilot program in Michigan is supported by a partnership with the Filene Research Institute, the D2D Fund, and the Michigan league. Save to Win has been championed by Harvard Business School Professor Peter Tufano, founder of the D2D Fund. The program is underwritten by a grant from the Center for Financial Services Innovation (CFSI). “The lack of savings in America can be partly explained by the fact that savings are simply not fun and the motivation to save has been stripped away,” says Denise Gabel, Filene chief innovation officer. “Offering prizes to build a solid financial future is a way to get people excited again.” Tufano said the program “is a modern American version of a program that has been used for more than three centuries to help people save.” “It’s no secret that we are in an economic crisis, especially here in Michigan, and as an industry we have to help people with real solutions,” Adams said, noting that credit unions’ mantra of people helping people “sets credit unions apart from other financial providers.” “CFSI invests in promising new initiatives like Save to Win that are potentially scalable and designed to help the financially underserved start saving and building assets,” said Sarah Gordon, CSFI nonprofit relationship manager. “Combining the concept of savings with the thrill of possibly winning $100,000 will hopefully inspire non-savers to open accounts and start a new habit.”
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