11 Nebraska credit unions participate in ‘Save to Win’ prize program
Nebraska was the second state, after Michigan, to pass a law allowing “prize-linked” savings accounts at credit unions.
The “Save to Win” program started here in 2012 with nine credit unions participating, and there are now 11, including Liberty First and MembersOwn credit unions in Lincoln.
To participate in the program, people can deposit as little as $25 to start a 12-month certificate of deposit. Then after that, they can continue to add as much as they want and receive prize entries for each deposit of at least $25, up to 10 entries per month.
The program’s intent was to both increase deposits at participating institutions while also encouraging saving among people who might not otherwise do so.
Now in its third year in the state, the program has 1,485 accounts with more than $2.5 million in savings, for an average balance of $1,709. And there has been more than $111,000 in prize money awarded.
Kenn Miller, president of MembersOwn Credit Union, said the program has definitely boosted members’ interest in saving.
MembersOwn has 1,000 of the accounts totaling $180,000, or about $1,800 per account.
“I think we’ve had a good, positive response from (the program),” Miller said.
The prize money hasn’t hurt, either.
Miller said 25 MembersOwn members have won at least $50 in a monthly prize drawing — one out of every four people participating — and another member won last year’s $25,000 grand prize.