Saver’s Sweepstakes™ is a prize-linked savings account at WCCU Credit Union. Saver’s Sweepstakes offers prize drawing entries in return for each time you increase your savings balance by $25 (up to 6 entries per month)*. Prize drawings are held monthly, quarterly and annually – so the more you save, the more chances you have to win! You could even end up winning the grand prize of $5,000!*
*See full disclosure. Wisconsin, Minnesota & Illinois residents only.
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Additional prizes are available, guaranteeing that a WCCU member will win each month!
Monthly: $25 – 2 Winners
Quarterly: $100 – 1 Winner
Annually: $500 – 1 Winner
All of the money deposited into the account, plus interest, is yours!
The more you save, the more chances you have to win!
*Rate based on Annual Percentage Yield and subject to change quarterly. See full disclosure.
Saver’s Sweepstakes is The Wisconsin Credit Union League’s statewide prize-linked savings program. Saver’s Sweepstakes share savings accounts are designed to help individual credit union members save while giving them chances to win statewide cash prize drawings.
Think of Saver’s Sweepstakes accounts as being structured similarly to Christmas Club accounts: Members can make deposits, and the money in the account is theirs, but their withdrawals are limited during a 12-month savings period, which begins when the member opens the account, and it ends 12 months later. Making deposits earns the primary account holder entries into drawings for cash prizes.
Statewide prize drawings are conducted monthly, quarterly and annually. WCCU Credit Union also offers special members-only drawings to be held at the same times as the statewide drawings.
All of the participating credit unions contribute to the statewide prize pool, based on each credit union’s size.
Saver’s Sweepstakes prize drawings are done on or about the 15th of each month, or the next business day, for the previous month, and/or quarter end and/or year end.
By making deposits. Account holders can deposit as much as they like to their Saver’s Sweepstakes accounts, whenever they like, in whatever amounts they like. For every $25 increase in month-over-month account balance, the primary account holder earns one entry in the statewide Saver’s Sweepstakes prize pool and in WCCU’s members-only prize pool.
To keep things fair, the number of entries a primary account holder can earn is capped, regardless how much the account balance increases.
When any withdrawal is made, the primary account holder forfeits Saver’s Sweepstakes prize drawing entries for that prize pool to the extent that the account balance decreases month-over-month. For example, if a member deposits $25 in a month, but then withdraws $5, the balance won’t increase enough to earn a drawing entry.
The odds of winning depend on the number of eligible entries. Each entry has an equal chance of winning.
Once per drawing. For example, even though each statewide monthly drawing has multiple winners, one person cannot win two prizes in a single monthly statewide drawing.
A company called TruLync, which is a subsidiary of the Minnesota Credit Union Network, picks Saver’s Sweepstakes winners randomly, using special software.
WCCU will notify winning members via telephone, email or standard USPS mail.
All Saver’s Sweepstakes prizes will automatically be deposited into the primary account holder’s membership share account, regardless whether that account may have joint account holders. Prizes will not be deposited into your Saver’s Sweepstakes account; however, you are encouraged to consider saving part of any prize winnings by making a subsequent deposit into your Saver’s Sweepstakes account.
Yes. By signing up for a Saver’s Sweepstakes account, each account holder agrees that the credit union and The Wisconsin Credit Union League can use his/her first name, last initial (not full last name), photo (or other likeness, like a video recording), and prize(s) he/she wins, plus any testimonial quotes the person offers, in any media. If the account holder is a minor, a parent or legal guardian must sign a consent agreement, which includes those publicity provisions.
Each Saver’s Sweepstakes account automatically renews at the end of its 12-month savings period. During the anniversary month of account opening, an account holder may do any of the following, penalty-free:
Earnings will be 0.30% APY.
Rates subject to change. See full disclosure.
A fee of $10 is charged for each of the first two withdrawals in any 12-month period. If a third withdrawal is made in any 12-month period, the credit union must close the account. If an account is closed (because of withdrawals or for any other reason), the primary account holder is ineligible to open another Saver’s Sweepstakes account at that credit union for 90 days. When the account is closed, all entries into prize drawings are forfeited.
No. Businesses, estates, trusts, organizations, any other public or private entities, unincorporated associations and/or others holding the account primarily for non-consumer purposes, are not eligible to participate in Saver’s Sweepstakes, either as primary account holders or as joint account holders.
Yes. Since withdrawals are strictly limited, it would make little sense for a checking or similar transaction account to serve as the Saver’s Sweepstakes account.
No. An individual can only be the primary account holder – the person who is entered into the prize drawings – on one Saver’s Sweepstakes account per participating credit union.
Yes, the primary account holder of a Saver’s Sweepstakes account at one credit union can also be the primary owner of other Saver’s Sweepstakes accounts at other credit unions … but it won’t increase that person’s odds of winning a statewide prize pool.
Yes. Like nearly any credit union account, Saver’s Sweepstakes savings accounts can have joint account holders. They must be individuals – not a business or other organization. Like any other joint account, Saver’s Sweepstakes savings accounts are just as accessible to joint account holders as they are to primary account holders.
Only the primary account holder is entered into prize drawings and is eligible to win a prize – regardless which account holder(s) made the deposits that earned entries into Saver’s Sweepstakes drawings.
Yes. There are three options:
If a minor wins a Saver’s Sweepstakes prize, the prize money is distributed to the minor by a deposit into the minor’s membership share account.
No. A representative payee is authorized by a government agency (like the Social Security Administration) to manage certain federal benefits for another person. The representative payee has no general authority to act for that person on other matters (like a guardian or a POA agent might do). Therefore, the representative payee could not agree on the beneficiary’s behalf to all of the terms in the Saver’s Sweepstakes Account Agreement.
Yes, if the Power of Attorney documentation or the court-issued Letters of Guardianship/Conservatorship allow for it. (They can vary widely in what they allow or prohibit.) The POA agent, the guardian or the conservator is not the “account holder,” though; they simply act for the person who actually owns the account. The account holder (and potential prize winner) is the POA “principal” who appointed the agent or the “ward” who is under the court-ordered guardianship or conservatorship.
Yes, Saver’s Sweepstakes accounts can have POD beneficiaries, who are automatically legally entitled to the account’s funds upon the death of the owner (or all of the owners, if it’s a joint account). This happens outside the probate process, so POD funds cannot be claimed by the personal representative of the decedent’s estate.
Yes. Saver’s Sweepstakes prizes, and interest/dividends earned on Saver’s Sweepstakes accounts, are tax reportable. WCCU tracks these amounts and reports them as income by issuing any 1099 or other tax reporting documentation or information returns that are required by the IRS or state tax authorities.
Yes. Both Wisconsin and Minnesota have joined a growing list of states that have adopted laws for prize-linked savings programs. Section 186.114 of the Wisconsin Statutes says that a “savings promotion prize program” offered by a credit union will not violate Wisconsin’s statutes on raffles, lotteries and betting. Minnesota Statutes §609.761 (subd. 6) allows credit unions to offer “savings promotion raffles” that are exempt from Minnesota gambling laws.
Yes. The 2014 American Savings Promotion Act removed federal barriers that had prohibited credit unions (as well as banks and thrifts) from offering prize-linked savings programs.
Yes. They are insured through the National Credit Union Administration (NCUA).
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