It's official! Wisconsin credit unions' prize-linked savings program begins this month, offering members of participating credit unions a chance to win cash prizes just for saving! Savers who open Saver's Sweepstakes accounts keep all the money they save, plus interest, while earning entries into drawings for cash prizes.
Your League sent a press release statewide launching Saver's Sweepstakes, a program that encourages individuals to save regularly. The program rewards savers by automatically giving them one entry in a cash prize drawing for each $25 increase in a month-over-month savings balance (up to 6 entries/month). The program site is www.SaversSweepstakes.com.
We announced the program at the end of August, as participating credit union members began opening Saver's Sweepstakes accounts in September. Monthly, quarterly and annual drawings will be held, offering an expected $75,000 in prizes in the program's first year alone. The number of prizes and prize amounts may increase over time as the number of participating credit unions increases. A grand prize of $5,000 will be awarded on October 18, International Credit Union Day.
Members of fourteen credit unions (see logos) in 45 cities are currently eligible to participate. More will become eligible as additional credit unions sign on to the program. The program is expected to award $75,000 to more than 550 winners in just its first year alone.
The program is open to individuals who are residents of Wisconsin or Minnesota.
The program not only creates excitement among members about their credit union while increasing their savings, but also establishes a long-term visibility and growth opportunity for credit unions. Opportunities to earn media coverage include each time a winner's name is drawn as well as when prizes are awarded - hundreds of times per year statewide. Credit unions are encouraged to generate their own local publicity for the program - as media prefer local angles to news - in addition to ongoing media outreach by The League.
In addition to compliance and training materials, participating credit unions receive access to an online Resource Center that includes:
- a sample marketing plan
- a sample article
- a sample press release
- a sample media invitation for a photo op
- talking points for media interviews
- an oversized promotional check
- sample posts/graphics for social media
- much more
On social channels, credit unions can use the hashtag #SaversSweepstakes to share the sample posts and graphics we’ve provided, as well as share their own photos and videos of local prizewinners. Be sure to share The League’s posts on Facebook, Twitter and Linkedin.
Contact Tara Krejcarek, League VP of Strategic Partnerships, at (608) 640-4090.