What started as a grant from the Cornerstone Foundation for implementation has turned into a great way to attract new members and encourage existing members to save.
Hurricane Creek Federal Credit Union in Benton, Ark., participates in Save to Win, a national prize-linked savings program managed by CU Solutions Group. It provides a fun, easy, and risk-free way to motivate credit union members to save. Best of all, the program is simple to market and maintain, with more than 100 credit unions nationwide participating.
“From a marketing perspective, Save to Win has helped us attract new members,” said Erica Minyard, who works in marketing for Hurricane Creek Federal Credit Union. “I get a huge response each time I share this on social media. New members come in just to open a Save to Win account and now have checking and a loan through HCFCU. Our existing members have also taken advantage of this savings program, and many have won regionally.”
Hurricane Creek FCU member Austin Clements wins $500 as part of the credit union’s Save to Win quarterly drawings.
Minyard added, “Save to Win is an attractive way to save. It brings people in that would not be saving otherwise, and at the same time, it creates the habit of saving with the rule of monthly deposits to be eligible for the drawings.”
According to Minyard, Save to Win is one of her favorite responsibilities at the credit union. That’s because she gets to draw members’ names for monthly and quarterly drawings and then notifies them that they won from $25 to $1,000. “Our members are so excited and gracious to receive the winnings.”
To date, the Foundation has awarded eight Save to Win grants and welcomes applications for assistance with this program. The Foundation accepts financial capability grant applications year-round.
Watch this recorded webinar to learn more about Save to Win.
About Hurricane Creek Federal Credit Union
Hurricane Creek Federal Credit Union organized in May 1957 as Reynolds Hurricane Creek FCU under the concept of “people helping people.” Currently, the credit union serves more than 3,950 members in the Saline County area.