MADISON, Wis.-Call it the mother of all credit union savings contest: a new contest called Save to Win that will award one member of a Michigan credit union $100,000.
Starting in February, members of eight participating CUs in the Great Lakes State have a chance to win smaller monthly prizes as well as a grand prize of $100,000 by saving throughout the year.
Save To Win aims to energize consumers' savings habit through a federally insured savings account, where each deposit of $25 into the share certificate earns participants an entry into monthly and grand prize drawings.
In addition to the grand prize, credit unions will be giving away $39,000 in monthly prizes.
The pilot program in Michigan is supported by a partnership among the Filene Research Institute, the D2D Fund, and the Michigan CU League. The Save To Win savings program has been championed by Harvard Business School Professor Peter Tufano, founder of the D2D Fund. The program is underwritten by a grant from the Center for Financial Services Innovation.
