A savings pilot program launched in 2009 by Michigan credit unions has resulted in members putting more than $10 million in their nest eggs.
Through the Save to Win program, for each $25 deposit into a Save to Win account, members are entered in monthly prize drawings and an annual drawing for a $100,000 grand prize. The latest, two monthly winners are members of Auto Body Credit Union, who each won $500 and $100, respectively.
Through June 2010, Michigan members saved more than $10 million through Save to Win, and those same savers have also won more than $50,000 this year. Designed to appeal to members who are not in the habit of saving, the program has helped families build their nest eggs since it began in 2009, according to Auto Body CU in Lansing, Mich. A survey taken during last year's program found that 59% of participants had spent money on the lottery over the previous six months and that fewer than half saved money regularly before opening their Save to Win accounts.
Eight Michigan CUs piloted the Save to Win program last year. More than 40 CUs are now participating. The program and its prizes are underwritten by participating CUs and CUcorp, a subsidiary of the Michigan Credit Union League.