Prize-Linked Savings Program Launched Last September Has Consumers Saving $1.5M and Counting
Four Wisconsin credit union members—including a 12-year-old from Wood County—have been awarded $1,000 apiece just for saving their own money in the Saver’s Sweepstakes™ program’s quarterly drawing.
Saver’s Sweepstakes is a prize-linked savings program available to Wisconsin’s credit unions. Members at participating credit unions can open special accounts that pay them dividends while automatically entering them in cash prize drawings on a monthly (fifty $100 cash prizes), quarterly (four $1,000 cash prizes), and annual (one $5,000) basis. This program was made possible due to state legislation passed in 2017 that was supported by The Wisconsin Credit Union League.
Since its launch, over 3,000 Saver’s Sweepstakes accounts have been opened at 30 participating credit unions across the state, with nearly $1.5 million saved as a result. And that number (and the prize pool) is growing.
“I’m going to save for college,” stated Ryan, the 12-year-old winner at Simplicity Credit Union (Marshfield branch) when asked what he intended to do with his winnings. Ryan’s mother Jenna added that she was very proud of her son, who—in recent months—“has really stepped up to the plate and become the man of the house, doing extra chores on the farm to earn money and help the family out. This couldn’t have happened to a more deserving kid.” Ryan’s siblings are now eager to put more money into their own accounts for a chance to win like their brother.
The three remaining winners for the quarter were drawn from an extra lucky Educators Credit Union (Mount Pleasant corporate headquarters): Alaina from Racine, Elva from Burlington, and Susan from Milwaukee.
Saving for college was important to Alaina as well. “I’m starting college, so I need to learn how to save,” she said. “I’m going to put back into Saver’s Sweepstakes and give some money to my parents.” Susan commented that she will be putting her winnings towards a trip to China, as she had opened her saver’s account for this purpose.
Prize-linked savings programs like Saver’s Sweepstakes make saving fun and can start many individuals on the path to improved financial security. More information about Saver’s Sweepstakes is available at The League’s website.