OMAHA, Neb. (8/27/12)--Nebraska credit union members have saved more than $1 million dollars since state credit unions initiated the Save-to-Win program seven months ago.
The Save-to-Win program was launched in January to encourage financial fitness and savings habits by rewarding members for savings. Members have saved about $1,123,880--or $857.27 per account--with more than 121,000 eligible Nebraska credit union members participating.
The Save-to-Win accounts are 12-month savings certificate accounts that allow for additional deposits. Prizes, a competitive interest rate and small deposit requirements are incentives for the program. With every $25 deposited, members qualify for a chance to win a grand prize of $25,000. Monthly cash prizes are also awarded.
Half of Nebraskans have little to no savings, with 32% considering themselves "asset poor," said the Nebraska Credit Union League.
"The number of Nebraskans who are financially unfit, who are living paycheck to paycheck is quite alarming," said Scott Sullivan, league president/CEO. "We designed the Save-to-Win program to give credit union members an opportunity to improve their financial situations with a fun and easy savings program."
Nebraska is one of five states approved to coordinate the Save-to-Win Program and one of two states offering it to members. Michigan was the first to initiate the program in 2009 with eight participating credit unions. The first year, members saved an average of $734 per account. In 2010, 36 credit unions participated, including seven of the original eight. The program continues to thrive with more than 16,400 members at 43 credits unions participating in Michigan, said the league.