The Nebraska Credit Union League said 10 credit unions are now participating in the “Save-to-Win” savings sweepstakes program and that 1,331 accounts were opened in the first seven months.
“We hope to get a few more credit unions on board after the first of the year,” said Brandon Luetkenhaus, director of governmental and public affairs.
The Nebraska league said the 1,331 accounts represented member savings of $1.1 million. There were 121,000 members eligible to participate.
In its first year, the Michigan League said it opened 9,297 accounts with savings of $3.9 million by July of 2009.
The Save-to-Win program, noted the leagues, is an effort to encourage good financial fitness and savings habits by rewarding members to build a nest egg.
The Save-to-Win accounts are 12-month savings certificates that allow for ongoing deposits. Prize incentives, a competitive interest rate and small deposit requirements are intended to draw members to the program.
Luetkenhaus said a number of Nebraska credit unions have delayed signing up for the program this year waiting to see how the pilot operations have fared and so far so good.
It is expected, he said, that perhaps both the North Carolina Credit Union League in a state which also enacted enabling legislation, and the Northwest Credit Union Association may be rolling out “Save-to-Win” in earnest this year and in 2013.