A dozen Wisconsin credit unions have signed on - and others across the state have expressed interest - as we prepare to launch Wisconsin credit unions' prize-linked savings (PLS) program, Saver's Sweepstakes®. The first member prize drawing of $5,000 will happen on October 18 - International Credit Union Day - with more than $100,000 in potential member prizes in 2019.
These credit unions are already preparing to participate:
- Altra Federal Credit Union
- Educators Credit Union
- Glacier Hills Credit Union
- Hayward Community Credit Union
- Heartland Credit Union
- Marshfield Medical Center Credit Union
- Members First Credit Union
- Northern Paper Mills Credit Union
- Park City Credit Union
- Prospera Credit Union
- Sentry Credit Union
- UnitedOne Credit Union
More than 40 others have asked for information and are continuing to sign on.
"We know this promotion will help motivate our members to create better saving habits," said VP of Marketing Shannon Huot of Educators Credit Union. "With The League's help, our members will ease financial stress and have a little fun while learning a new skill."
The program offers members chances to win jackpots for saving regularly as part of a prize-linked savings (PLS) program. PLS accounts are special deposit accounts that pay dividends for savers while automatically entering them in monthly, quarterly and annual cash prize drawings. Each saver earns one entry into the monthly and quarterly sweepstakes for every $25 in month-over-month balance increase, up to six entries per month. Credit unions can offer their own members-only prize opportunities, if they wish, adding to the already tremendous visibility the program attracts from news media. By encouraging regular deposits, the program helps members build up emergency funds at a time when the average family cannot afford a $400 unforseen expense.
Wisconsin credit unions should sign up quickly. Credit unions are completing technical and training tasks so their members will be able to open PLS accounts in September and be eligible for the first $5,000 prize drawing in October.
Contact Tara Krejcarek, League VP - Strategic Partnerships at (608) 640-4090.