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'Save to Win' Is a Win for Saving
Wednesday, October 24, 2018 6:40 AM

$ave to Win

Imagine being able to offer your members the chance to win cash prizes for saving money at your credit union. You can do that right now—many already have. Since Cornerstone's launch of the CU Solutions Group "Save to Win" program, with both national and league-level prizes for credit union members in Arkansas and Texas, dozens of credit unions have expressed interest.

Save to Win is a simple way for credit unions to incentivize and encourage their members to save in a fun, risk-free, and financially rewarding way. Through the program, credit unions will see increased wallet share and benefit from enhanced member engagement, and members will learn to build savings. Even those who don’t win the prizes still win by getting into the saving habit.

"We've been watching the enthusiasm mount for the Save to Win program in Arkansas and Texas," said Cornerstone President/CEO Caroline Willard. "And we're delighted to say that Save to Win came about as a direct result of the gains credit unions made in Texas through the first-ever credit union amendment allowing Prize-Linked Saving accounts. This program is a financial win for everyone who participates."

Members establish a Save to Win savings account that automatically enters them into monthly and quarterly cash prize drawings from league and national prize money pools every time they make a $25 deposit. They’ll build savings while earning chances to win something extra.

How Save to Win benefits credit unions and members alike:

  • Increases credit union wallet share
  • Builds member loyalty and financial education
  • Attracts millennials (they comprise 33 percent of program participation)
  • Easy implementation through turnkey marketing materials
  • Expands business through cross-selling opportunities
  • Allows control over interest rate and dollar caps
  • Generates media buzz

How You Can Offer Save to Win in Your Credit Union

To begin offering the program in your credit union by Jan. 1, 2019, you must register by Oct. 31, 2018. Thereafter, new participants will be able to join every quarter. The next program start will be April 1, for which credit unions must register by Jan. 31.

To learn how you can add value to your credit union through Save to Win, contact CU Solutions Group at 800-262-6285 or info@CUSolutionsGroup.com.

Download the Save to Win product sheet.