Credit Unions Offer Prize-Linked Savings Accounts

Saver’s Sweepstakes® Savings Account Creates Prize-Winning Chances for Members

A recent lottery win in Marshfield and the continual climb of the Wisconsin Lottery’s Powerball has generated renewed interest locally in spending money on a chance to hit the jackpot. For local credit union members, however, a special Saver’s Sweepstakes® Savings Account exists to give eligible members the chance to win while also helping them save.

A prize-linked savings account offered by Wisconsin credit unions, the program allows consumers to earn entries into drawings for cash prizes by making deposits into qualified savings accounts. For each $25 that a participant grows their monthly balance, they earn one entry.

“We know that a lot of families participate in the lottery,” said David Murphy, VP of Finance & Risk at Marshfield Medical Center Credit Union. “With the recent $2 million win in Marshfield, there might be a heightened sense of overstating what the odds are of actually winning when playing the lottery, so you might see families are more willing to spend money on lottery tickets when in reality the odds of winning a prize of that size are very slim to none.”

According to Murphy, statistics show that 40% of families struggle to come up with $400 in the case of an emergency.

“The Saver’s Sweepstakes® Program is set up to encourage people to instead of spending that money and losing out on that money that they spend on the lottery, it encourages them to set aside money to save it for a rainy day,” he said. “The Saver’s Sweepstakes® allows you to build that emergency fund, with a chance to win prizes.”

Statewide, there are 75 monthly $100 prizes. Quarterly, there are five $1000 winners. One annual grand prize winner can win $5000.

Several area credit unions participate in the program. Find the full list here.

News Desk
Author: News Desk

This piece was posted by our news team! Contact us or submit stories at [email protected]