LIVONIA, Mich. (January 7, 2020) — Save to Win, a credit union prize-linked savings program offered by CUSG, announced its continued expansion with the addition of participating credit unions in Hawaii and Utah. Maui Teachers Federal Credit Union of Hawaii and Freedom Credit Union of Utah both launched programs on January 1, 2020.
With the addition of Maui Teachers Federal Credit Union and Freedom Credit Union, the Save to Win program is now operating in a total of 19 states across the country, bringing the total number of participating credit unions to 132.
"We are so excited to announce our upcoming participation in the national Save to Win program. We are also looking forward to helping our members achieve their savings goals and building more relationships throughout our community," said Kelly Tobita, CEO of Maui Teachers Federal Credit Union.
In 2019, the Utah Legislature passed a bill enabling credit unions to offer prize-linked savings accounts. The purpose of these accounts is to encourage consumers to develop a habit of regularly saving money.
"Freedom Credit Union's board of directors immediately saw this as a great opportunity to provide a unique product to our members and fulfill our mission to serve our members' financial needs," said president and CEO of Freedom Credit Union, Ken Payne. "This is a great 'win-win' product with no downside to our members. We are excited to roll out Save to Win accounts in January as part of a comprehensive program to help our members build their savings, reduce debt and become more financially secure."
To date, the Save to Win program has saved credit union members nearly $200 million, with more than $3.2 million awarded to individuals across the country. Participating members are eligible to win monthly and quarterly prizes ranging from $25–$5,000 by joining a credit union and making a $25 monthly contribution to a share certificate. Save to Win's growing base contains a large percentage of millennials, with many members reporting they joined their credit union with the intent to participate in this savings program.
"Prize-linked savings programs like Save to Win promote healthy saving habits, especially for those that are financially vulnerable and underbanked," said Dave Adams, president & CEO of CUSG. "Incentive programs can play an important role in a credit union's financial education roster and introduce members to new products and services that further enable them to grow wealth and manage their finances."
Headquartered in Livonia, Mich., CUSG is an award-winning credit union service organization that offers products and services in the areas of technology, marketing, HR performance and strategic advisory. The organization is home to national credit union-focused brands including Love My Credit Union Rewards, Save to Win, LifeSteps Wallet, MemberXP, CUBE TV Studios, Compease and Performance Pro. The company has more than 100 investors comprised of credit unions, credit union leagues and credit union system organizations and maintains strategic partnerships with Intuit TurboTax®, GSTV and CU Risk Intelligence. For more information, visit CUSG.com.
Save to Win has been changing lives of credit union members since 2009. This innovative and national award-winning, prize-linked savings product helps low- and moderate-income consumers and millennials improve their financial lives and create better savings habits. For more information, visit SaveToWin.org.