Enrollment is now open for the statewide prize-linked saving program, Lucky Savers. The program, which will be entering its third year, has been a tremendous success based on every metric.
Credit unions that are new to the program will need to fully execute a contract and provide all required implementation documents to the New York Credit Union Association by Aug. 31 in order to start their program on Oct. 1.
A Lucky Savers account is a 12-month share certificate with unlimited deposit capabilities, and members can open the account with a $25 deposit. For every $25 in month-over-month balance increases, accountholders earn one entry into the monthly and quarterly cash-prize drawings. Interest and account value caps are set by each participating credit union, with a maximum of 10 prize-drawing entries per member, per month.