'Save To Win' Program Looks To Reward Credit Union Customers With Cash Prizes
LANSING (WWJ) -- How many times have you thought of opening an account at a credit union with the hope of winning money? Now you can -- they are called Prize-linked savings accounts.
Ken Ross Executive Vice-President of the Michigan Credit Union League says the Save to Win program began five years ago in Michigan with the hopes of helping low to moderate income people.
"Thousands of individual credit union members participate in the program, each of them saving money every month," Ross said. "Each of those folks also get a chance to get a prize and over $1 million has been awarded in Michigan alone in prizes to these savers."
Ross says it only takes $25 to open an account. Ross gave an outline of how the process works:
- Join or, if you are already a member, visit a participating credit union.
- Open a 12-month Save to Win share certificate with at least $25. This is considered your first entry into that month's drawings and the grand prize drawing.
- Keep making deposits into your share certificate during the 12 months of your certificate. Every $25 is another entry to win, but you can only earn up to 10 entries a month. (You can deposit as much money as you want each month, but prize entries are limited!)
- Make sure your account is active at the time of the drawings, you are a resident of Michigan and are at least 18 years or older.
- There will be 50-75 prizes awarded each month totaling between $2,500 and $3,750 and your credit union may have their own drawings each month as well (prizes may vary at each credit union).
- When the Save to Win program period is over, there will be a drawing for six (6) $10,000 grand prizes.
When you participate in Save to Win, you not only get a chance at winning $10,000, but you walk away with the deposits you made over the year – plus interest.
