BATTLE CREEK, Mich. – Seeking to put an emphasis on personal financial education and the benefits of saving, 33 credit unions in Michigan are again participating in the Save to Win program, which offers a grand prize of $100,000. Along the way, the goal is to teach participants how regular deposits can put them on the path toward building wealth.
Under the program, savers open a one-year term share certificate with an initial deposit of at least $25. Then, every time they deposit $25 they earn another entry into the monthly and grand prize drawings. At the end of every month, prizes totaling $4,000 will be awarded to Save to Win accountholders who continue to save. The prize entries will also be entered into the grand prize drawing of $100,000, to be awarded in January 2011.
During 2009 Save to Win account-holders saved $8.56 million. Approximately 27% of Save to Win accountholders reported having $2,000 or less in financial assets prior to opening the Save to Win account.
