The Save to Win program started in February and gives members of eight Michigan credit union unions a chance to win smaller monthly prizes and a grand prize of $100,000 by saving throughout the year. Each deposit of $25 into a share certificate earns participants an entry into monthly and grand prize drawings. Even without earning a prize, members will still be earning regular interest and building savings.
The program has been backed by Peter Tufano, Harvard Business School professor and founder of the D2D Fund. It is underwritten by a grant from the Center for Financial Services Innovation.
"Most innovations to help families save have been incremental and not addressed to the mindset of many families," Tufano said. "Save to Win is a modern American version of a program that has been used for more than three centuries to help people save. It is a potentially disruptive savings program that can change the way that people perceive and enjoy saving."
Information on the program can be found at www.michigansavingsraffle.org.