Enrollment is now open for the statewide prize-linked saving program, Lucky Savers. The popular program allows members of participating credit unions to win money while they save.
Credit unions that are new to the program will need to fully execute a contract and provide all required implementation documents to the New York Credit Union Association by Aug. 31 in order to start their program on Oct. 1.
A Lucky Savers account is a 12-month share certificate with unlimited deposit capabilities, and members can open the account with a $25 deposit. For every $25 in month-over-month balance increases, account holders earn one entry into the monthly and quarterly cash-prize drawings. Interest and account value caps are set by each participating credit union, with a maximum of 10 prize-drawing entries per member, per month.
To date, credit union members have saved more than $11 million, with account balances averaging approximately $2,000.