Save to Win is the first and largest example of using prizes to encourage saving at credit unions in the US.
Save to Win was the first large-scale pilot of Prize-Linked Savings (PLS) in the US. In 2009, it was introduced by Commonwealth in Michigan in conjunction with the Michigan Credit Union League. The pilot was a success, with $8.5MM in savings in the first year and valuable evaluation findings that provided insight into how to design better Prize-Linked Savings products.
The Michigan Credit Union League continues to offer Save to Win, growing each year, adding in more participating states across the country as PLS enabling legilation is passed. Save to Win is now offered in 12 states and 70,000 account holders have saved over $165 million to date.