Verve, a Credit Union, launched its new Save to Win account—the first of its kind in Wisconsin—giving members another option to build their savings with a bonus: the chance to win money.
Verve’s Save to Win account is part of a nation-wide Save to Win program, meaning members can win both national prizes and Verve member-only prizes. Participants can earn up to 10 prize entries each month (30 entries per quarter) for every increment of $25 they deposit, with prizes ranging from $25 to $5,000 with $150,000-plus available in prize money.
According to Bankrate’s 2018 financial security index survey, six out of 10 Americans don’t have enough money to cover a $1,000 unplanned expense. Verve’s Save to Win account was designed to help people start saving and have more peace of mind.
"Our members told us that it was hard to stay motivated toward their savings goals so our team worked to find a product that would help members turn saving money into a healthy habit," Kevin Ralofsky, president and CEO of Verve, said. “Our members love the incentives of our KickBack Checking®, so creating a product with substantial savings incentives felt like a natural next step for us.”
Unlike most certificates, which require a significant upfront investment, the Save to Win account works like an add-on certificate, allowing members to deposit as often and as much as they’d like. In addition to its prize perks, the Save to Win certificate earns 0.25% APY and has a low minimum starting balance of $25.
"Our goal was simple: help people start saving," Renee Maeder, VP of Retail Sales, said. "That's why our Save to Win account has a low starting balance to bring saving money within reach for more members and ultimately help them live better and happier lives."
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 open an account or learn more about the Save to Win account, visit savetowin.com.
Founded in 1937, Verve, a Credit Union, is a member-owned, not-for-profit financial cooperative with more than $900 million in assets and serving over 59,000 members at 15 locations. Federally insured by NCUA.