Contact: Melanie Murphy Click hereto watch an informational Save to Win pre-recorded webinar
How can your CU encourage members to set aside funds for the future and make saving money fun? The Illinois Credit Union Foundation encourages credit unions to take advantage of the Save to Win program to create excitement around saving money and building better financial habits.
Save to Win, a Prize-Linked Savings (PLS) program offered by CU Solutions, is the longest running PLS in the United States. Exclusive to credit unions, the program mission is to create financial wellness and empower members to achieve financial success through a focus on financial education and wellness. The program aligns perfectly with the goals and objectives of the credit union philosophy. The value of the program is truly remarkable and many credit unions in Illinois have seen tremendous results.
For credit unions this unique opportunity strengthens relationship with and boosts member engagement. Save to Win creates a fun, exciting interaction with a positive spin and opportunities for credit union to cross sell other products and services. This PLS can help to increase total wallet share, is a compelling marketing tool, and best of all it is easy to implement and execute.
For credit union members, this is a win-win opportunity because the process is so simple and the rewards great! Members open a Save to Win Account at their local credit union, for every $25 in month over month balance increase the member receives entry into the monthly and quarterly drawings with rewards up to $5k.
The results have been impactful for eleven credit unions here in Illinois. There are a total of 1,187 Save to Win accounts at Illinois credit unions with members saving more than $2.6 million — an average $2,200 per account.
Abri Credit Union in Romeoville, Illinois recently had a Save to Win winner! Kim Nichols, SVP Member Experience, with Abri shared, “We are so happy with the Save to Win product because it not only encourages savings for our members, but it gives them the fun and anticipation of possibly winning that money or more back! This is better than buying a lottery ticket or going to Vegas because at the end of the day, our members are saving money. What a win-win!”