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Nearly $23 Million Saved by Wisconsinites through Saver's Sweepstakes® in Just Four Years

Dec 20, 2021
By Sammy Dennis
  • The CU Difference
  • Press

According to The Federal Reserve's annual Survey of Household Economics & Decision-Making, nearly half of Americans have difficulty or are unable to cover a $400 emergency expense.

This startling statistic spurred The Wisconsin Credit Union League to take action, and, in 2018, Saver's Sweepstakes was launched.  

Saver’s Sweepstakes is a prize-linked savings program available to Wisconsin’s credit unions. Members at 31 participating credit unions can open special accounts that pay them dividends while automatically entering them in cash prize drawings on a monthly, quarterly, and annual basis. 

In just four years, this incentivized savings program has helped Wisconsinites save nearly $23 million, with an average saver's account balance of $1,764. Participating credit unions have awarded $332,200 in prizes so far, with prizes ranging from $100 to $5,000.

“From the start, we knew that Savers Sweepstakes could be a remarkable and innovative way for Wisconsin's credit unions to live out their mission and help promote financial well-being for all," said League President & CEO Brett Thompson. "We are thrilled with how it has changed the lives of members who have won cash prizes and has helped every member build a stronger financial future with their savings.”

This program was made possible due to state legislation passed in 2017 that was supported by The Wisconsin Credit Union League. In a recent update to constituents, Senator Chris Kapenga, one of the authors of The Savings Promotion Act, discussed the success of the program. 

Consumers can locate a Saver's Sweepstakes credit union near them using this interactive map and directory (please note that field of membership rules vary by credit union). For each $25 that participants grow their monthly balance, they earn one entry into the program's monthly, quarterly, and annual drawings. There's no risk to their savings and multiple winners are drawn each month.