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Event Details

Event Name:Prize Linked Savings Meeting - Webinar
Date:September 21, 2017
Start Time:2:00 PM
Duration:1 day

LCUL invites you to come learn about the next best way to help your members start saving!  Sign up to attend a session of our Prize-linked Savings Account Roadshow!  

What is Prize-linked Savings?

With so many Louisianans struggling to put money away for the future, how can credit unions encourage members to save? One promising way is to ensure that the act of saving is fun. Lagniappe Savings is structured to do exactly that: help motivate individuals to save by rewarding smart savings behavior.

Lagniappe Savings is modeled after a national award-winning product developed by Doorway to Dreams and the Filene Research Institute. Thanks to a state law passed in 2016, Louisiana became one of several states throughout the country that allows credit unions to offer this product to members.

A Lagniappe Savings account is a club-like savings account with unlimited deposit capabilities, and members can open the account with a $20 deposit. For every $20 in month-over-month balance increases, accountholders earn one entry into monthly and quarterly prize drawings. Interest and account value caps are set by each participating credit union, with a maximum of 5 prize-drawing entries per member, per month.

The program can help all credit union members build a financial safety net, but it was created specifically with new savers and the financially vulnerable in mind.

Lagniappe Savings helps advance the credit union mission of "People Helping People" by providing members with a way to build good savings habits with the added excitement of more traditional games of chance.

How can I learn more?

Sign up to come to one of our overview meetings. We will be holding 2 meetings at each location. The morning session will be from 9:00 am to 11:00 am, and the afternoon session will be from 1:00 pm to 3:00 pm. Click on the links below to register! 

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