July 20, 2016, Naperville: Illinois state credit unions are reinventing the way they think about traditional saving products and are starting to offer members a new savings concept with multiple benefits. More than a hundred credit unions across the nation have teamed up to offer an innovative savings program called Save to Win.
During a time where many Americans are borrowing more money than they are saving, the credit union backed Save to Win program gives credit union members a real option for improving their financial situations.
Vicki Ponzo, Executive Director of Illinois Credit Union Foundation (ICU Foundation) said, “We are excited to be able to offer a prize linked savings program to Illinois credit unions through Save to Win. One of the goals of the ICU Foundation is to help people develop money management skills and this is a great way for credit unions to incentivize members to develop good savings habits.”
The best part of this credit union backed program is that members are guaranteed to have more money saved than when they started, because they keep all the money they have saved plus interest regardless of the drawing outcome. Save to Win rewards members for saving money, not spending money!
The first credit union to participate in this program in Illinois is: Catholic & Community Credit Union. CEO, Ken Bossung said, “We are excited to be able to offer this new savings opportunity for our members. Saving money is important for everyone’s financial health, but today’s interest rates don’t provide much incentive to save anymore. We hope that the Save to Win program gives our members the incentive to save again, and makes it easier for our members to develop the good habit of saving. We believe that encouraging good savings habits is an important part of our mission of improving our members financial well-being. ”
Save to Win was first offered in Michigan in 2009 and has since expanded to several other states. “CU Solutions Group is proud to offer prize linked savings under the Save to Win brand in 10 states, and now in Illinois in cooperation with the Illinois Credit Union League. Promoting thrift is at the core of the credit union mission and Save to Win provides a compelling incentive for members to establish smart savings habits,” CU Solutions Group President/CEO Dave Adams said.
To date, the program has awarded more than $1.9 million in prizes and has helped credit union members save more than $115 million. By making a $25 deposit, members at participating credit unions will be entered into drawings throughout the year to get chances at winning cash prizes totaling $125,000.
Visit www.savetowin.org for a list of participating credit unions, prizes and official program rules. Interested in signing your credit union up? Contact Jessica Thelen at 800-262-6285 (ext.458) for details.
Illinois Credit Union League
Note: The Illinois Credit Union League is the primary trade association for credit unions in Illinois, which provides Information, Legislation, and Education. As a not-for-profit corporation chartered under the laws of the State of Illinois, membership in the League is open to any Illinois credit union doing business and operating in accordance with the Illinois Credit Union Act or the Federal Credit Union Act.