The North Carolina Credit Union League in Raleigh said seven credit unions in the state are participating in the Save to Win program that provides an incentive for people to save money for chances to win cash prizes.
The NCCUL launched the program earlier this month and is administering it on behalf of the credit unions.
Members who participate in the Save to Win program open a special 12-month share certificate (similar to a certificate of deposit or CD) to earn a chance to win monthly and quarterly cash prizes as well as a $30,000 grand prize.
Participants can earn up to 10 chances to win cash prizes per person per month by making additional deposits to the share certificate in $25 increments. Members do not lose any of their deposits and earn dividends on the money they save at the credit union.
“The real beauty of the campaign is that participants end up building a cushion of savings regardless of whether they win a prize, said NCCUL President/CEO John Radebaugh. “It’s a no-lose proposition.”
The $48 million American Partners FCU in Reidsville; $43 million Greensboro Municipal FCU in Greensboro; $145 million Mountain CU in Waynesville; $221 million Piedmont Advantage CU in Winston-Salem; $145 million Premier FCU in Greensboro; $96 million Telco Community CU in Asheville and $65 million Winston-Salem FCU in Winston-Salem.
Credit unions participating in the Save to Win program are reporting a steady flow of account openings, according to the NCCUL. At Piedmont Advantage, for example, more than $100,000 in Save to Win share certificates had been opened by members as of mid-January.
The Michigan Credit Union League first implemented the Save to Win program in 2009. In the first year of the campaign, about 11,000 people in that state combined to save more than $9 million. The Nebraska Credit Union League also opened a Save to Win program last year.