Credit union members can win money while they save money with the New York Credit Union Association’s statewide prize-linked saving program, Lucky Savers.
Modeled after a national award-winning product developed by Doorway to Dreams and the Filene Research Institute called Save to Win, a Lucky Savers account is a 12-month share certificate with unlimited deposit capabilities. 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.
Credit unions that participate also have the opportunity to conduct drawings just for their membership in order to guarantee winners from 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 participants have accumulated over $12 million. Across New York, there are more than 6,000 Lucky Savers accounts with 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.