A national prize-linked savings program managed by CU Solutions Group, Save to Win provides a fun, easy, and risk-free way to motivate your members to save. It also allows your credit union to attract new members, retain existing members, and grow your wallet share. Best of all, the program is simple to market and maintain, with more than 100 credit unions nationwide participating.
“We were excited to receive a Foundation grant to launch our Save to Win program here at InTouch Credit Union,” said Diane Gerstner, the credit union’s executive vice president. “After a little over a year of the program being active, our members were able to collectively save over $1 million through this dedicated savings vehicle. For InTouch Credit Union, this program has never been about collecting more deposits, though that is a bonus; the true driving force of Save to Win is to offer a real-time solution that allows our members to become financially capable.”
Every time members make a $25 deposit into their Save to Win savings account, they’re entered into monthly and quarterly cash prize drawings that range from $25 to $5,000. The more the member saves, the more chances they have to win. Additionally, members find enjoyment in saving and continue adding to their nest eggs.
Jennifer Grinder, chief experience officer with Resource One Credit Union, related how the Foundation grant enabled the credit union to start a Save to Win program with a larger marketing reach to members.
“The program empowered the leadership team to feel confident in their choice of prize levels for the members, as well as including cash prizes for the employees,” Grinder said. “The program provided members and employees with the opportunity to learn about saving through receiving a higher dividend and the opportunity to win cash prizes.”
Grinder added, “This program is unique, as the odds of winning are much higher than those of the lottery. If your credit union or chapter has not applied for a grant in the last 12 months, you are missing opportunities to increase awareness of your products and services, educate your employees or chapter members, and so much more.”
To date, the Foundation has awarded Save to Win grants to eight credit unions and welcomes applications for assistance with this program. The Foundation accepts financial capability grant applications year-round.
CU Solutions Group is a five-star premier business partner of Cornerstone Resources, a wholly owned subsidiary of Cornerstone League.