LANSING, Mich. (11/20/12)--Save to Win, a prize-linked savings program for Michigan credit unions, has a new prize structure.
Six grand prizes of $10,000 each will be awarded at the end of the program year in February 2014, said the Michigan Credit Union League (MCUL) (Michigan Monitor Nov. 19). The league will award between 50 and 75 prizes of $50 each month. Credit unions interested in participating in the 2013 program will contribute a per-entry fee to will help fund a prize pool of $100,000.
Members participating in Save to Win in 2011 had an average savings balance of more than $2,000, compared with an average balance of $1,871 and total savings of $30 million in 2010 (News Now Feb. 23)
Also, the league introduced a new product to complement the Save to Win Share certificate. SaveUp is a member rewards program, designed to incent members to save money and pay down debt. Members earn credit for each positive behavior and use those credits to play games and win prizes.
SaveUp recently partnered with CU Solutions Group, an MCUL affiliate, to bring new a product to Michigan credit unions. After a successful pilot conducted by the Filene Research Institute, which also helped create the Save to Win product, SaveUp is being offered to credit unions nationwide.