Months in the planning stage, a group of nine Nebraska credit unions joined by the Nebraska Credit Union League will roll out the “Save to Win” raffle program in three cities this week.
Launch of the program, which links savings accounts with prize giveaways and was first debuted four years ago by Michigan CUs, will be conducted at CU sites in Omaha, Lincoln and Kearney on Thursday and Friday.
In a statement, the league said “Save to Win” which required passage of enabling legislation last April, offers CU members “an innovative way to increase their savings” through rewards and the eligibility to enter the prize drawings.
The nine participating CUs include: Family Focus FCU, Omaha; Gallup FCU, Omaha; Kearney FCU; KEE FCU, Kearney; Liberty First, Lincoln; MembersOwn, Lincoln; Mutual 1st FCU, Omaha; Omaha Police FCU; and SAC FCU, Bellevue.
Under the program, members open a $25 account and then are entered into a drawing to win a $25,000 grand prize and also made eligible for monthly prizes.
“Save to Win rewards members for saving money, not spending money,” stressed the league, adding that the program “is yet another way in which our credit unions are promoting thrift to their members by incentivizing them to save for the future.”
The league said Save to Win “will lead some members to begin saving for the first time while helping others to accelerate their habit of saving.”
In launching Save to Win, Nebraska joined a handful of states which in 2011 managed to get the program past legislative hurdles, though some lawmakers grumbled the program promoted gambling. In one case, the Iowa banking lobby was successful in defeating a Save to Win proposal in that state advanced by the Iowa Credit Union League.