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Save to Win

Save to Win

The lottery may not be legal in Utah, but you could win up to $5,000 just by depositing $25 into a Save to Win savings account. Save to Win is a great program to encourage everyone to develop a habit of regularly saving money. In 2019 the Utah Legislature legalized "prize-linked savings accounts" in our state, and Freedom Credit Union is proud to be the first financial institution in Utah to offer them.

The best part of a Save to Win account? The money you deposit is always yours, regardless of whether you win a prize! Establishing and regularly adding to a savings account - now that's a bright idea!

Want to know more about Save-to-Win? Visit the Save-to-Win homepage for more details.

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.


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, are residents of Utah, and who maintain 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.


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 penalty-free withdrawal during the 12-month certificate term. If a second withdrawal occurs, an early withdrawal penalty of $25 will be assessed and the account will be closed.


Are there any other fees associated with this account?

No. Refer to the Truth and Savings Disclosure for complete information.


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

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


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. View the complete list of prizes. In addition to the national prizes, Freedom Credit Union provides a $25 quarterly prize for members of Freedom Credit Union. Refer to the Official Rules for details.


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

A member can NOT win a central national prize and a credit union prize in the same drawing period. 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 withdraw their money from their certificate during the grace period?

Yes, account holders can withdraw 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?

Yes, there is a 6-month waiting period for account holders to open a new account after account closure (refer to the 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 from our office or download a PDF version here.

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