The “Save to Win” raffle program, which links savings accounts with prize giveaways, should be ready for a Nebraska rollout Jan. 1 with some eight to 12 CUs expected to participate, the Nebraska Credit Union League said Thursday.
The program, which cleared legal hurdles last April after Gov. Dave Heineman signed enabling legislation, is patterned after the pioneering program that launched in 2009 in Michigan.
Developed by the Filene Research Institute and the Boston-based Doorway to Dreams foundation, the programs are aimed at attracting new CU members and encouraging them to save.
Brandon Luetkenhaus, NCUL government and public affairs director, said a working group in the league is finalizing rules and conditions and determining the makeup of the prize pool. The CU signup should be completed by Oct. 1, he said.
“As compared to Michigan, we probably will have a lower amount of the grand prize—say $25,000—based on our participation,” said Luetkenhaus. There will still be monthly prize drawings of smaller amounts, he said.
Each credit union will be responsible for doing its own “Save to Win” media advertising. In Michigan that has included TV, radio, indirect and online campaigns assisted by the Michigan Credit Union League.
There are now 40 credit unions taking part in Michigan and a $100,000 grand prize has been awarded. More than $9 million has been saved in the11,000 accounts opened.
“I think we will be the first after Michigan to really get a full rollout of Save to Win,” said Luetkenhaus with the Nebraska league.
North Carolina lawmakers also have passed enabling legislation for a Save to Win program as has Washington state.
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