Credit unions are strongly encouraged to enroll 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 state-wide monthly and quarterly cash-prize drawings, including prizes of $5,000 and $1,000 each quarter. Participating credit unions also have the opportunity to conduct drawings just for their membership in order to guarantee having winners at their credit union on a regular basis. Interest and account value caps are set by each participating credit union, with a maximum of 10 prize-drawing entries per member, per month.
Lucky Savers helps advance the credit union mission of “People Helping People” by providing members with a way to build good savings habits with the added excitement of more traditional games of chance. Today, Lucky Savers savings have accumulated to over $12,000,000 with over 6,000 accounts and an average savings of $2,060 per account.
Credit unions that are not currently participating in Lucky Savers but have an interest in the program should visit the Association’s website, or contact Program Coordinator Chris Pajak at email@example.com or (800) 342-9835 ext. 8188.