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Frequently Asked Questions


What is the Save to Win account?

Save to Win is a prize-linked savings account that incents account holders with the chance to win prizes just for saving! It is set up as a 12-month share certificate or certificate of deposit and requires an opening deposit of $25.


How does the Save to Win account work?

The goal of the Save to Win account is to foster a regular habit of saving among account holders. The more a person saves, the more chances they earn towards winning prizes. For every $25 deposit, an account holder earns one entry into the monthly, quarterly and/or annual prize drawings.


How can account holders sign up for a Save to Win account?

Account holders must be a member of a participating credit union. To search for participating credit unions near you, use the feature at the top of this page and select your state or narrow your search by county.


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

The savings raffle is open to credit union members that are at least 18 years of age (19 in Nebraska), are residents of a state in which the principal place of business of one or more participating credit unions is located, and who maintains a regular share account in good standing with the credit union.


Can my child have a Save to Win account?

No. This account is only available to persons 18 years or older. Children may not be primary or joint account holders on a Save to Win account.


Are credit union board members, staff and family members eligible to win prizes?

Credit union employees and board members are not eligible to receive prizes from the national, statewide or credit union drawings (this includes joint ownership) but are eligible to win prizes from their credit union staff drawing, if offered. Each credit union can make their own determination about board member and staff’s family members holding accounts (refer to your credit union’s Official Rules for details).


Can a person have more than one Save to Win account?

No. Each person is limited to one account. If a person opens multiple accounts at different credit unions, the account that was opened first will be the one that receives drawing entries.


Is there a minimum balance requirement on this account?

There is a $25 minimum balance requirement to keep the account open.


Does this account need to be kept open a certain amount of time?

Yes. The Save to Win account is a 12-month certificate. Penalties for early withdrawal may apply. In order to be eligible for the current drawing period, your account must be open through the last day of the month.


Can an account holder make any withdrawals during the 12-month term?

Yes. Account holders are permitted to make one withdrawal during the 12-month certificate term for a $25 fee, or as determined by each credit union (refer to your credit union’s Official Rules for details). If a second withdrawal occurs, the account will be closed.


Are there any other fees associated with this account?

No. However, if the individual credit union chooses to impose a higher penalty or remove any fees, then this would be noted in their Truth and Savings Disclosure.


Is the Save to Win account available for business and trusts?

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


Can I open a Save to Win account online?

Each credit union may vary in terms of how they open and fund accounts. Contact your credit union to see if this is an option for their Save to Win account.


What kinds of prizes does the account offer?

The Save to Win account offers account holders the opportunity to win monthly, quarterly and annual prizes. Click here for a complete list of prizes. Some credit unions also offer additional member prizes (refer to your credit union’s Official Rules for details).


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

A member can win a central national or statewide prize and a credit union prize in the same drawing period unless otherwise stipulated in your credit union’s Official Rules. An individual member can win multiple times and in consecutive drawing periods.


How will winners be notified that they have won? How will prizes be paid out?

Winners will be notified via telephone, email, or standard U.S.P.S. mail. Prizes are non-transferrable. Winners need not be present at the drawing to win. Prize winnings will be deposited into the member regular savings account.


Will account holders be taxed on their winnings?

Winners that receive prizes totaling $600 or more each year are required to report earnings on their tax returns and may be required to pay applicable state and federal taxes. Credit unions will provide 1099 MISC forms to those winners in January for their previous year’s earnings.


How are prize entries calculated?

Account holders will receive one entry in the monthly drawing for every $25 increase in month over month balance, up to a maximum of 10 entries per month. Each entry is also included in the quarterly and  annual prize drawings, not to exceed 30 entries per quarter and 120 entries per year.


If the member’s monthly balance increased by $49.83, will they receive one or two entries?

Since there is no rounding up, the member would only receive one entry for that drawing period.


When Save to Win certificates mature do they automatically roll over for a new 12-month term?

Yes, accounts are set up by your credit union to automatically renew after 12 months.


Can a member withdrawal their money from their certificate during the grace period?

Yes, account holders can withdrawal money from their Save to Win certificate at maturity during their grace period without being assessed a penalty. Account holders would need to leave at least $25 in the account to keep it open. Account holders may also close their account at this time without being assessed a fee.


If an account holder withdrawals money from their certificate, will they lose entries?

If a member withdraws more money than they deposit, either during their grace period or within the 12-month term, they will not earn entries for that drawing period. Entries are only earned when the month-over-month balance increases.


Is there a waiting period to open a new account if I close one?

Some credit unions have a 6-month waiting period for account holders to open a new account after account closure (refer to your credit union’s Official Rules for details).


What are the odds of a member winning a prize?

Actual odds of winning are based upon the number of eligible entries received. For each eligible entry, the chance of winning monthly, quarterly or annual prizes is equal to that of all other entries in the raffle.


Where can I find the Official Rules?

You can pick them up at your credit union’s branch or download a PDF version on this website. Use the dropdown at the top of this page to find a credit union near you.

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