Asheville, NC Two Asheville residents, both members of Waynesville-based Mountain Credit Union, today were presented a $10,000 grand prize each in the North Carolina Save to Win prize-linked savings program.
The winning members, who asked to remain anonymous, are among 2,200 participating members who saved a total of $5.4 million at nine (9) North Carolina credit unions during 2015, the third year of the savings raffle. Mountain Credit Union members who participated saved over $888,000 and won other total prizes of $4,150 along with two of three $10,000 grand prizes. The program supports positive habits for North Carolina participants, more than half of whom had not saved regularly prior to opening their Save to Win accounts.
The presentation comes just after America Saves Week February 22-27 and ahead of national Financial Literacy Month in April. America Saves (
www.americasaves.org) is an independent campaign of the nonprofit Consumer Federation of America (CFA) dedicated to helping individuals save money, reduce debt, and build wealth.
"More than 289 Mountain Credit Union members and all others who joined Save to Win deserve congratulations because theyre saving for their futures and making good financial decisions," said Mountain Credit Union CEO Patty Idol. "Local credit unions like ours are committed to helping our members reach their personal financial goals. Saving builds financial stability, and Save to Win is a fun and effective way for our members to watch their money grow."
With each $25 deposit in a Save to Win savings account, a member is entered into monthly, quarterly, and grand prize drawings. Most importantly, each savers deposits remain his or her own. In North Carolina, 49 percent of participants in 2014 had not saved regularly prior to joining the program, while 53 percent reported household income of less than $40,000and 17 percent earn less than $20,000.
Save to Win came to North Carolina in 2011 on the shoulders of several credit unions committed to working together on the program. Their testimony aided introduction, co-sponsorship, and unanimous passage of state legislation on "savings promotion raffles," excluding them from the NC Charitable Raffle Laws and defining them within general statutes to require deposits in special accounts. The action permitted North Carolina to become the third state in the country to offer the savings program. More states seek to pass legislation and join North Carolina, Michigan, Nebraska, and Washington.
Featured in the
Wall Street Journal,
New York Times, and on Fox Business, Save to Win was developed by Harvard Business School Professor Peter Tufano and managed by the Doorways to Dreams Fund (D2D). Save to Win was piloted in 2009 in Michigan, where laws permitted such programs, and a survey that year found that 59 percent of participants had spent money on the lottery over the previous six months and that 55 percent had not saved money regularly before opening Save to Win accounts. Today, 100 credit unions among the seven states currently offering Save to Win have secured more than $45 million in deposits for an average of $2,350 per member account.
"Seeing such positive results in North Carolina is reward enough for those of us who want the best for members and consumers," Carolinas Credit Union League CEO John Radebaugh noted on the program statistics. "Seeing firsthand the grand prize go to a fellow North Carolinian is added proof that Save to Win has been worth the effort for everyone involved."
