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Verve helps members save nearly $600,000 with prize-linked account

By September 17, 2019 No Comments

OSHKOSH, Wisconsin (September 4, 2019) —By incentivizing saving money with the chance to win additional funds, Verve, a Credit Union’s Save to Win account has helped its members and team members save nearly $600,000. The more money members set aside in the Save to Win account—the first of its kind in Wisconsin—the greater chances they have of adding a bonus to their balance.

Verve’s Save to Win account is part of a nationwide Save to Win program, meaning members can win both national prizes and Verve-exclusive prizes. Participants earn an entry for every increment of $25 they deposit, up to 10 prize entries each month or 30 entries per quarter. Prizes range from $25 to $5,000, with more than $150,000 available in prize money. Since launching in August 2018, 817 Save to Win accounts were opened at Verve, with members setting aside $592,796 through deposits and automatic transfers.

“What better way to encourage positive saving habits than with the exciting chance to win prizes,” Renee Maeder, VP of retail sales, said. “One Verve member set up automatic fund transfers into her Save to Win account and actually ended up winning twice in the past year. She was so excited that not only did she sign up for another year, but she also set the money she did save aside for a rainy day. Building an emergency fund is a critical step toward financial well-being, and we are thrilled to see that the Save to Win account is helping our members continue to grow their savings.”

Unlike most certificates, which require a significant upfront investment, the Save to Win account has a low minimum starting balance of $25 and works like an add-on certificate, allowing members to deposit as often and as much as they choose while earning 0.25% APY.

Since its launch, 142 prizes have been awarded to Verve members and team members via their Save to Win accounts. For a list of recent winners, visit savetowin.com.

“Member feedback regarding the Save to Win account has been overwhelmingly positive,” Taylor Schanilec, Member Experience Manager, said. “One member who opened a Save to Win account to start saving for a new house recently shared how exciting it was to see his balance grow. He even committed to another 12 months of saving with his eye on both his long-term goal of building his own house and some cash winnings in the meantime.”

The Save to Win account is available to Verve members, with membership open to anyone who lives, works or worships in 23 counties throughout Wisconsin and Minnesota and to employees of Kimberly-Clark Corp., Fox River Paper Co., the medical services industry and the immediate family of any current member. To become a Verve member, open an account or learn more about the Save to Win account, visit savetowin.com.

 

About Verve, a Credit Union

Founded in 1937, Verve, a Credit Union, is a member-owned, not-for-profit financial cooperative with more than $936 million in assets and serves more than 59,400 members at 16 locations. Membership is open to anyone who lives, works or worships in 23 counties throughout Wisconsin and Minnesota and to employees of Kimberly-Clark Corp., Fox River Paper Co., the medical services industry and the immediate family of any current member. Federally insured by NCUA.