Prized-Linked Savings Programs Available in Texas!
During the 2017 Texas legislative session, RAISE Texas was a key partner in the passage of state legislation to allow credit unions and banks to offer prize-linked savings. With the passage of this bill and its companion bill, a constitutional amendment that passed in Fall 2017, it now gives banks and credit unions the ability to offer chances to win cash prizes for Texans who are making deposits into a savings account.
Beginning in Fall 2018, Cornerstone Credit Union League, the trade association for credit unions in Arkansas, Oklahoma, and Texas, now offers the Save to Win program to credit unions and credit union members in the states of Arkansas and Texas. Click here to see if there is a program in your community!
What is Prize-Linked Savings and Who Offers these Programs?
Save to Win accounts, and other prize-linked savings accounts, promote healthy saving by qualifying account holders for monthly and/or quarterly cash prizes each time they make a $25 deposit.
As of January 1, 2020 there are 11 credit unions offering the Save to Win program in Texas. There are also independent prize-linked savings programs that are offered in Texas.
RAISE Texas is working to expand these programs for Texas families and we need YOUR help!
RAISE Texas has a working group to help promote and expand prize-linked programs in Texas. Contact us if you are interested in joining the working group.
If you are a credit union or a bank, we want to talk to you! There are opportunities to offer prize-linked savings accounts for your clients. Contact us today!