Financial Center Launches New Indiana Credit Union League Savings Program
Indianapolis, Ind. – Financial Center First Credit Union and 11 other credit unions from across the state are collaborating to offer an innovative, prize-linked savings program called Save to Win. By making a $25 deposit, members enrolled in the program will be entered into drawings throughout the year and will get chances to win cash prizes – all while building their savings balance. The best part of the program is that members get to keep all the money they save plus interest earned, regardless of the drawing outcome.
Launching on April 1, Save to Win gives Financial Center members the opportunity to win prizes from three different prize pools. State and national prize pools will feature monthly and quarterly prizes ranging from $25-$5,000, while Financial Center will offer its own $100 monthly prize. Combined prizes total more than $140,000 in 2016. The first prize drawing will take place in mid-May.
“Studies report that 63% of Americans don’t have enough savings to cover a $500 emergency,” said Daniel T. Kavanaugh, Financial Center’s Chief VP, Sales and Marketing. “Financial Center is proud to partner with other credit unions to offer Save to Win because the program embodies the principles that credit unions were built on ̶ helping people save regularly so they can get ahead.”
Indiana passed prize-linked savings into law in 2014. In 2015, Indiana Credit Unions partnered with the Indiana Credit Union League and Save to Win to begin making plans for the 2016 rollout. Indiana is one of just nine states whose credit unions are offering Save to Win.
About Financial Center: Financial Center First Credit Union has been serving consumers who live or work in Boone, Brown, Hamilton, Hancock, Hendricks, Johnson, Marion, Morgan, Putnam, and Shelby Counties as well as other special groups for over 62 years. Over 54,000 members take advantage of favorable deposit and loan rates as well as reduced fees by banking with the Indianapolis-based credit union. Financial Center is a not-for-profit entity that employs 165 people. Guided by a volunteer Board of Directors, Financial Center’s mission is to ‘Improve Members’ Financial Lives’. Learn more at www.fcfcu.com.