LANSING, Mich. – A 71-year-old retired General Motors assembly line worker is the winner of the credit union $100,000 Save to Win sweepstakes through his credit union, Astera CU.
The winner, Lee “P” (who does not want his last name made public) was one of 16,500 credit union members who participated in the third year of Michigan’s savings contest. The jackpot winner has been a member of Astera CU, known until last year as Auto Body CU, since 1981.
With Save to Win, every $25 deposited in an account at a participating credit union provides a chance at the jackpot, as well as lesser prizes throughout the year.
The Save to Win program, which was created by the Michigan CU League, also awards smaller monthly cash prizes ranging from $125 to $1,000. In addition, most credit unions also individually award cash prizes to members who sign up for Save to Win, with prizes varying from credit union to credit union. All savings deposits go into a special CD, generating interest and building savings.
The contest induced credit members at 43 credit unions to save $34 million in 2011, up from $28 million in 2010, when a retired school cafeteria worker and member of Alpena Alcona Area CU won the $100,000 prize.
Credit unions in Washington, North Carolina and Nebraska are preparing to launch their own statewide savings sweepstakes.
