NY credit unions launch cash prize savings program Lucky Savers

ALBANY, NY (10/01/2015)(readMedia)-- For Immediate Release

Oct. 1, 2015

Contact: Ronald McLean

(800) 342-9835, ext. 8191 | Ronald.McLean@nycua.org

NY credit unions launch cash prize savings program Lucky Savers

ALBANY, N.Y. – Credit unions across New York are launching a new cash prize savings product today. The statewide prize-linked savings program, Lucky Savers, provides credit union members with the opportunity to earn cash prizes for saving money each month.

The program is specifically designed to help low-income individuals and traditional non-savers develop sound saving habits.

More than 30 credit unions from every corner of the state are offering the Lucky Savers accounts, which are 12-month certificates. Participating individuals are required to deposit a minimum of $25 into the certificate; for every $25 in month-over-month balance increases, accountholders earn one entry into a monthly and quarterly drawing for cash prizes. Participants can earn up to 10 entries into the drawing per month, but there is no cap on the amount of money members can deposit and save.

A complete list of participating credit unions is available here.

"There are no losers with this new program, only savers," said NYCUA President/CEO William J. Mellin. "Lucky Savers is an important program that will entice and encourage New York consumers to save money more often and more regularly. Ultimately, Lucky Savers will benefit the poor, working- and middle-class families who continually struggle to put money away for the future."

The program is being administered by Save to Win, a product developed by credit union think tank Filene Research Institute and the D2D Fund, a nonprofit organization that tests financial products and builds awareness about the needs and potential of low-income communities.

In 2014, Gov. Andrew Cuomo signed a law that allows financial institutions in New York to offer prize-linked savings accounts. NYCUA strongly supported the legislation and worked closely with regulators, the Legislature and Cuomo's office to ensure its passage. New York is the 5th state to offer a raffle-style savings program.

To learn more about Lucky Savers or Save to Win, visit NYCUA's website.

The New York Credit Union Association has served as the trade association for the state's credit unions for 98 years. With more than 5 million memberships, New York credit union assets total more than $70 billion. To learn more about NYCUA, visit www.nycua.org. To find a credit union or learn more about the credit union movement, visit www.asmarterchoice.org.