Livonia, Michigan (October 10, 2018) — Following a change in state legislation permitting prize-linked savings accounts, CU Solutions Group’s (CUSG) Save to Win program is now available to credit unions and credit union members in the states of Arkansas and Texas. The Cornerstone Credit Union League — the trade association for credit unions in Arkansas, Oklahoma, and Texas — and CUSG are coordinating efforts to increase credit unions’ wallet share and help members build savings through the Save to Win program.
Save to Win accounts promote healthy saving by qualifying account holders for monthly and quarterly cash prizes each time they make a $25 deposit. To date, the program has helped members save approximately $180 million and has awarded more than $2.8 million in prizes.
Austin-based A+ Federal Credit Union has signed on as the first credit union in Texas to launch the program on November 1.
“We are thrilled to offer a Save to Win Share Certificate,” said Kerry Parker, CEO of A+ Federal Credit Union. “We will kick off 2019 with a $70,000 giveaway to celebrate our 70th anniversary. Our members will have a chance to win a cash prize on top of dividends earned; this product is a win-win for our members even if they do not win the prize drawing, creating a savings habit is priceless.”
In addition to Save to Win’s quarterly, national prizes of up to $5,000, Cornerstone is also funding supplemental, league-level prizes that will be available in Arkansas and Texas.
"We're excited to bring Save to Win to our membership because everyone wins with this program," said Cornerstone President/CEO Caroline Willard. "Credit unions win by increasing wallet share and further demonstrating the credit union difference. Members win because they're saving while competing for a prize, and even those who don’t win prizes win by getting into the habit of saving."
“With its focus on building wealth, promoting healthy saving habits and boosting financial education, more and more credit unions and their members are realizing that Save to Win is a great benefit to everyone involved,” said Dave Adams, president & CEO of CU Solutions Group. “We’re eager to work with the Cornerstone Credit Union League to introduce the program to more consumers in Texas.”
Save to Win will celebrate its 10-year anniversary in 2019, and the program continues to grow as prize-linked savings legislation is passed in more states. The program is now offered at 120 credit unions spanning 13 states.
To promote the program’s continued expansion, grants are available to eligible credit unions. Arkansas and Texas credit unions should contact the Cornerstone Credit Union Foundation at 800-953-8283 to learn more.
Credit unions interested in offering Save to Win accounts to their members should contact Jessica Thelen at Jessica.Thelen@CUSolutionsGroup.com.
CU Solutions Group is an award-winning credit union service organization that offers products and services in the areas of technology, marketing and HR performance which include web services, mobile app solutions, digital advertising, Save To Win, Love My Credit Union Rewards, Performance Pro and Compease. The company is majority-owned by the Michigan Credit Union League and has more than 100 investors comprised of credit unions, credit union leagues and credit union system organizations. Headquartered in Livonia, MI, the organization has served more than 3,400 clients nationwide and has strategic partnerships with Intuit TurboTax®, GSTV and CU Vendor Management. For more information, visit CUSolutionsGroup.com.
Originally administered by Commonwealth, the Filene Research Institute and the Michigan Credit Union League, the Save to Win program officially launched in Michigan in January 2009 with eight credit unions participating in the pilot program. By the end of the 2009 pilot year, the program had successfully attracted more than 11,000 account holders and had generated $8.5 million in savings. In 2012, Save to Win expanded to additional states, and CU Solutions Group, the Michigan Credit Union League’s league service corporation, took over product management aspects of the program. The program is now offered by 120 credit unions across 13 states. For more information, visit SaveToWin.org.
The Cornerstone Credit Union League is the nation’s largest regional credit union trade association, serving more than 500 credit unions in Arkansas, Oklahoma, and Texas. Cornerstone exists to advance the success of credit unions in the region through legislative and grassroots advocacy; regulatory and compliance support; training, educational, and networking opportunities; essential communications related to the news and information affecting the credit union industry; and other products and services that establish Cornerstone as the essential partner for credit unions.
Nick Olexa, VP of Corporate Marketing