Recent research from the Financial Health Network shows that
70% of Americans are financially coping or financially struggling, and that number has grown since the pandemic. That information, combined with the fact that
nearly half of Americans have difficulty or are unable to cover a $400 emergency expense, is why The Wisconsin Credit Union League took action, and, in 2018, launched Saver's Sweepstakes
®.
Saver’s Sweepstakes is a prize-linked savings program available to Wisconsin’s credit unions. Members at 26 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.
This year marks the five year anniversary of this program in Wisconsin and the numbers speak to the success of this initiative. Wisconsinites have saved over $25.7 million, with an average saver's account balance of $1,629. Statewide winnings have exceeded $530,000 since 2018, with many credit unions choosing to award additional prizes to their own members. Prizes range from $100 to $5,000.
This program was made possible due to League-supported state legislation passed in 2017 which allowed for the creation of prize-linked savings accounts. Senator Chris Kapenga and Representative Rob Stafsholt were the authors of The Savings Promotion Act, which passed unanimously in both the State Senate and State Assembly.
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.
If your credit union is interested in the Saver’s Sweepstakes program or have additional questions about prize-linked savings, please contact Josh Roberts VP of System Collaboration & Development at The League.