Save To Win is a lottery program that is being offered by a number of credit unions. The lottery provides savers with the chance to win small prizes on a monthly basis, as well as a yearly grand prize. Moreover, even if the person will not be able to win, he still has the privilege to keep the money that he put in, including the interest.
According to the supporters of the Save To Win lottery program, this approach appeals to households with low or moderate income. They are those who are having a hard time building their own assets. As long as they are a member of a credit union, any individual can join the program.
How the Save To Win lottery program works:
- The person must join a credit union. If he is already a member, then he can visit his credit union.
- He must open a 12-month Save to Win share certificate with at least $25.00. This is considered as his first entry into a particular month’s drawings and the grand prize drawing.
- He must keep making deposits into his share certificate during the 12-month period. Every $25.00 is another entry to win, but he can only earn up to 10 entries on a monthly basis. He can deposit as much money as he wants every month, however, it must be noted that the prize entries are limited.
- He must ensure that his account is active at the time of the drawings. He should also be a resident of the state of Michigan and is at least 18 years of age.
- There will be around 50 to 75 prizes awarded every month, which would total between $2,500.00 and $3,750.00 and his credit union may have its own monthly drawings as well (note: the prizes may vary per credit union).
- Finally, when the Save to Win program period has ended, there will be a drawing for six $10,000.00 grand prizes.