OMAHA, Neb. – Nine credit unions and the Nebraska CU League are launching a new savings contest that will offer a $25,000 grand prize as part of an inducement to new member savings.
The “Save to Win” sweepstakes is modeled after a highly successful contest by Michigan credit unions that awarded a $100,000 grand prize last year and is poised to award a similar amount over the next few weeks.
By making a $25 deposit, members at one of the nine participating Nebraska credit unions will be entered into a drawing to win a $25,000 grand prize. Those members also will be eligible for monthly prizes. Members are guaranteed to have more money saved than when they started, because they keep all the money they have saved plus interest.
“The Save to Win program is yet another way in which our credit unions are promoting thrift to their members by incentivizing them to save for the future,” said Scott Sullivan, president of the Nebraska CU League. “By linking the chance to win great monthly prizes along with a $25,000 grand prize, we believe the Save to Win program will lead some members to begin saving for the first time while helping others to accelerate their habit of saving.”
Credit unions in at least two other states, Washington and North Carolina, are planning similar statewide savings contests.
Here’s how the Nebraska Save to Win contest works: Members open a share certificate and for each deposit of $25 or more they can earn an entry into the drawing, up to 10 prize entries per month. At the end of the month, prizes totaling $1,500 will be awarded to members who made savings deposits during the month. The prize entries will be entered into the grand prize drawing of $25,000 in January 2013. Members have to be 18 years of age and have a traditional share/savings account with the participating credit union.
The participating credit unions are: Family Focus FCU, Omaha; Gallup FCU, Omaha; Kearney FCU, Kearney; KEE FCU, Kearney; Lexington Liberty First CU, Lincoln; and MembersOwn CU, Lincoln.
