Joanne Chouinard is the latest Peninsula Federal Credit Union member awarded for her participation the prize-linked savings program, Save to Win. For every $25 deposited into their accounts, members earn one entry into the monthly and quarterly drawings for a chance to win $25-$5,000.
Joanne is an Art Teacher at Gladstone Area Schools and has been a lifelong member of the credit union. She has participated in the Save to Win program since 2015. When asked why she started a Save to Win, Joanne replied “I started my Save to Win account to help save enough to make an extra payment on my car or a credit card during the year. This is so exciting, I just purchased airline tickets to Texas for a family wedding and I will use my winnings to pay for them!”
The savings tool was designed to appeal to and encourage credit union members who are not in the habit of saving to do so. In addition to encouraging members to set aside money, Save to Win also provides financial education tools and resources to help members achieve strong financial futures.
“We are excited to offer this innovative program to help our membership become successful savers,” stated Jennie Gylock, Marketing Supervisor at Peninsula Federal Credit Union.
Save to Win was developed by the Doorways to Dreams Fund, the Filene Research Institute and the Michigan Credit Union League (MCUL). The MCUL launched the pilot program in partnership with eight Michigan credit unions in 2009. Since then, the program which is now administered by CU Solutions Group, an affiliate of MCUL, has expanded to several other states.
To date, the program has awarded more than $2 million dollars in cash prizes and has helped credit union members save nearly $140 million nationwide. Over $40,000 in cash prizes have been awarded to Peninsula Federal Credit Union members since the program’s inception at the credit union in 2010.