Save to Win

Life Is Pretty OP…

Time to Level Up Your Savings Game!

Saving money is (supposedly) its own reward, but this savings account is designed to make saving money even more rewarding. For every $25 you save, your Save to Win account automatically enters you for a chance to win. Since each entry makes you eligible to win, the more you save the more shots you have at cash prizes. Prizes valued up to $5,000!

So How Do I Win with Save to Win?

On top of the money you’ll be saving and interest you’ll be earning, Save to Win gives you the chance to win cash prizes. Throughout the year, dozens of monthly prizes and several quarterly prizes – up to $5,000 – are awarded. Every time you save $25 in a Save to Win account, you’re automatically entered for a chance to win – up to 100 entries per month.

Helpful answers to some common questions

Browse here and connect with us with any additional questions or if you need clarification on anything – we’re happy to help.

Q: What kind of account is the Save to Win account?

A: Save to Win is a prize-linked savings account that offers the chance to win prizes in addition to earning regular interest. It requires a small opening deposit of $25 and allows members to make regular deposits to gain entries into the drawings.

Q: How does the Save to Win account work?

A: The goal of the Save to Win account is to foster a regular habit of saving among account holders. The more one saves (up to $2,500 per month); the more opportunity one has to win. For every $25 deposit, an account holder earns one entry into the monthly and quarterly prize drawings. There is no minimum number of deposits required, but there is a maximum of 100 entries per month/300 entries per quarter per member.

Q: What are the requirements to open an account and win prizes?

A: In order to participate in the raffle and be eligible to win prizes, your account must be open through the drawing period, you must be 18 years or older and be an Oregon resident and be a member with a regular share account (the account which qualifies the individual for membership), in good standing in the credit union.

Q: Can a child open an account or be joint on the account?

A: No. The rules state that the account is available only to members age 18 or older. Children may not be primary or joint account holders on a Save to Win account.

Q: Are credit union board members, employees and/or their family members eligible to win prizes?

A: Credit union employees and board members are not eligible to receive any drawing prizes.

Q: Can a member have more than one Save to Win account?

A: No. A member is limited to one account, per person, per participating credit unions.

Q: Is there a monthly service fee for the account?

A: No, there are no monthly service fees for this account.

Q: Can an accountholder make any withdrawals?

A: Yes. Accountholders are permitted to make one withdrawal each month. If a second withdrawal occurs, there will be a $15 fee charge per withdrawal.

Q: Does the account need to be kept open for a certain amount of time before it’s eligible to win?

A: Accounts must be kept open through the drawing period in order for account holders to be eligible for prizes. For ex: the drawings are performed on the 14th day of each month for the previous month’s transactions. In order to be eligible for the current drawing, your account must be open through the last day of the previous month.

Q: Can a Save to Win account be opened on a business or trust account?

A: No. Save to Win is only available for personal accounts.

Q: What kinds of prizes does the account offer?

A: Save to Win offers account holders the opportunity to win monthly and quarterly cash prizes from the central, Oregon state, and Forrit CU drawings. Click here for a complete list of central and state prizes.

Q: Can a member win a central prize and a credit union prize in the same month?

A: No. If a member wins a central or a state prize, they cannot win the credit union prize. An individual member can win in multiple months/quarters and even in consecutive months/quarters.

Q: How will prizes be awarded to members? How will winners be notified that they have won?

A: Prize winnings will be deposited into the member regular share account. Winners will be notified by the 20th of the month following the drawing.

Q: Will members be taxed on their winnings?

A: Yes, each winner is responsible for reporting and paying applicable state and federal taxes for monthly and quarterly prizes. Credit unions are required to send a 1099 form to any member who wins an amount over $10.

Q: How are prize entries calculated?

A: Members will receive one entry in the monthly drawing for every $25 increase in month over month balance, up to a maximum of 100 entries per month. Each monthly entry is also entered into the quarterly prize drawing, up to a maximum of 300 entries per quarter.

Resources:

• Official Rules
• Visit savetowin.org
• Rate Schedule & Account Disclosures
• Save to Win Prize Distributions

*Must be a member of Forrit Credit Union, an Oregon resident, and at least 18 years of age, to open a Save to Win account. Official account and prize entry rules and a complete list of prizes are available at savetowin.org. CU Solutions Group. All rights reserved. Void where prohibited by law.