LIVONIA, Mich. – Savers have just 11 more days in 2011 to open a credit union savings account to join the Michigan credit unions’ $100,000 Save to Win contest.
Across Michigan, more than 16,400 members at participating credit unions have saved more than $30 million as of this December. That’s up from the $25 million saved by 16,256 members in 2010, according to the Michigan CU League, which organized the contest.
Savers must open an account at one of the participating 43 credit unions by Dec. 31 to be eligible for the grand prize, which will be announced in February.
The contest was so successful attracting new savings to credit unions that similar lotteries are being planned in North Carolina, Washington and several other states.
Last year’s Save to Win Grand Prize winner, Charmaine Hanners, a member of Alpena Alcona Area CU, had saved more than $1,500 when she won.
Each $25 deposit into a savings account by credit union members entitles them to one entry into the annual $100,000 grand prize drawing, as well as monthly giveaways. Each credit union will award cash prizes ranging from $15 to $400, totaling $5,000, every month.
All savings deposits go into a special CD that will generate more money for savers at the end of the year.
Designed to appeal to credit union members who rarely save, Save to Win has helped many families save their money instead of spending it on lottery tickets, the Michigan CU League said. A 2009 survey found 59% of participants had spent money on the lottery over the previous six months and that less than half saved money regularly before opening their Save to Win accounts.
Save to Win and its prizes are underwritten and managed by the participating credit unions and CUcorp, a subsidiary of the MCUL.
