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Saver's Sweepstakes savings accounts in Madison, Wisconsin

Saver's Sweepstakes

You’re a winner when you open a Saver’s Sweepstakes account! This account encourages you to save regularly because as you increase your savings balance, you earn free entries into drawings to win cash prizes.

The more you save, the more chances you have to win. It’s like playing the lottery, but better because your chance of winning is higher, and the best part – your savings account grows!

Here’s how Saver's Sweepstakes works:

  • Earn a drawing entry each time you increase your month-over-month balance by $25.
  • Prizes are drawn monthly, quarterly, and annually.
  • Earn a maximum of six entries per month for drawing.
  • Set up automatic transfers to your account to ensure you earn maximum entries.
  • All the money you deposit into the account is yours, making it easy to reach your savings goals.

Improve your money habits in a whole new way that actually makes saving FUN. You’ll feel rewarded by watching your savings grow and experiencing the excitement of prize drawings between $50 - $5000!

Saver's Sweepstakes FAQs

What is Saver’s Sweepstakes?

Saver’s Sweepstakes is a statewide prize-linked savings program available to DCCU members. This special account is designed to help you save while earning entries for chances to win cash prize drawings.

Account holders can make deposits anytime, but withdrawals are limited between June and April. During May, Dane County Credit Union account holders are able to withdraw funds without restrictions. Each $25 balance increase earns the primary account holder entries into drawings for cash prizes.

Saver's Sweepstakes accounts earn dividends. Please view current rates.

Deposit accounts are federally insured by NCUA.

Who is eligible to open Saver’s Sweepstakes accounts?

  • The primary account holder must be a Dane County Credit Union member with a membership share account.
  • A minor may be a joint account holder if:
    •  the primary account holder is 18 years old or older.
    • a minor may be the sole or primary account holder with a parent or legal guardian’s written permission.
    • a Saver’s Sweepstakes account for a minor may be held as a custodial account.
  • The primary account holder must be a resident or Wisconsin, Minnesota, or Illinois at the time of account opening, and continue to be a resident of those states. If they move out of those states, the member becomes ineligible to participate in Saver’s Sweepstakes, and the account will be closed.
  • Only an individual can hold a Saver’s Sweepstakes account. 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.

How can I access this account?

Members can deposit via eBanking, mobile banking, in person, phone, and automatic transfer. Withdrawals can only be made in person or over the phone.

What are the prize details?

Statewide prize drawings, as well Dane County Credit Union members-only drawings, are conducted monthly, quarterly, and annually.

The number of prizes, prize denominations and prize pool size depends on the total participation by Wisconsin credit unions and are subject to change. As the prize pool increases, the number and/or amounts of prizes will also increase. Prizes range from $50 to up to $5,000.

Winning primary account holders may accept prizes in cash, check, or a deposit into their DCCU account. If a winner opts for deposit to their account, know that any joint account holders can access the money.

If a minor wins a Saver’s Sweepstakes prize, the prize money is distributed to the minor by cash, check payable to the minor, or direct deposit into the minor’s membership share account. The minor’s prize money is not paid to the minor’s parents or guardians as they do not automatically have a right to the minor’s winnings.

The odds of winning depend on the number of eligible entries. Each entry has an equal chance of winning.

Saver’s Sweepstakes prizes and dividends earned on Saver’s Sweepstakes accounts are tax reportable and 1099 tax forms will be generated as required by the IRS or state tax authorities.

How do account holders earn entries for drawings?

Account holders earn entries by making deposits. For every $25 increase in month-over-month account balance, the primary account holder earns one entry into the prize pool. There is no limit or restrictions on the amount or number of deposits, however, entries are capped, regardless how much the account balance increases:

Drawing Type Statewide DCCU
Monthly 6 entries max ($150 total deposit) 6 entries max ($150 total deposit)
Quarterly 18 entries max ($450 total deposit) 18 entries max ($450 total deposit)
Annual 72 entries max ($1800 total deposit) 72 entries max ($1800 total deposit)

How do withdrawals affect drawing entries?

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.

How often can someone win?

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.

How are winners selected and notified?

Winners are randomly picked by the independent company, TruLync, which is a subsidiary of the Minnesota Credit Union Network, using special software.

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.

Dane County Credit Union will notify winning members by phone or email.

Can a winner’s name or photos be publicized?

Yes. In the Saver’s Sweepstakes account agreement, which is signed when opening the account, each account holder agrees to allow Dane County Credit Union and The Wisconsin Credit Union League to use their first name, last initial, photo, (or other likeness, like a video recording), and the prize they won, plus any testimonial quotes, in any media. If the account holder is a minor, a parent or legal guardian must sign a consent agreement.

What is the refresh period?

Each Saver’s Sweepstakes account has a refresh period for the month of May. During the month of May, an account holder may do any of the following, penalty-free:

  • Roll over some or all of the funds into a certificate or other savings product offered by Dane County Credit Union;
  • Make one withdrawal of some or all of the saved funds;
  • Close the account; or
  • Do nothing and keep the Saver’s Sweepstakes account open until the following May.

What are the early withdrawal limits and penalties?

A fee of $10 is charged for each of the first two withdrawals in from June 1 to April 30 each year. If a third withdrawal is made within that time frame, the account will be closed. Any remaining funds will be sent to the member via check, or cash may be picked up from any DCCU location. If an account is closed for any reason, the primary account holder is ineligible to open another Saver’s Sweepstakes account at Dane County Credit Union for 90 days. No withdrawal fee is charged in the first 7 days after a Saver’s Sweepstakes account is opened or during the month of May every year.

Can someone own multiple Saver’s Sweepstakes accounts?

A member can only be the primary owner (eligible for prize drawings) on one Saver’s Sweepstakes account at each participating credit union. But that member may also be the primary owner of other Saver’s Sweepstakes accounts at other credit unions. This will not increase the odds of winning a statewide prize pool.

What are the rules and restrictions about joint account owners?

A Saver's Sweepstakes account may have a joint owner but they must be individuals – not a business or other organization. Joint account holders can make deposits and withdrawlas on Saver's Sweepstakes but only the primary account holder is entered into prize drawings and is eligible to win a prize regardless of who made the deposits.

Other FAQs

Can a POA agent, guardian, or conservator open a Saver’s Sweepstakes account for a member?

Yes, if the Power of Attorney documentation or the court-issued Letters of Guardianship Conservatorship allow for it. The POA agent, the guardian, or the conservator is not the account holder, though they simply act for the person who owns the account. The account holder, who could be a potential prize winner, is the POA principal who appointed the agent or the ward who is under the court-ordered guardianship or conservatorship.

Can representative payees open Saver’s Sweepstakes accounts?

No. A representative payee is authorized by a government agency to manage certain federal benefits for another person. The representative payee has no general authority to act for that person on other matters. Therefore, the representative payee could not agree on the beneficiary’s behalf to all of the terms in the Saver’s Sweepstakes Account Agreement.

Can Saver’s Sweepstakes accounts have Payable on Death (POD) beneficiaries?

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 owners. This happens outside the probate process, so POD funds cannot be claimed by the personal representative of the decedent’s estate.

Do federal and state laws allow Saver’s Sweepstakes?

Yes. The 2014 American Savings Promotion Act removed federal barriers that had prohibited financial institutions from offering prize-linked savings programs.

Wisconsin, Minnesota, and Illinois 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.  In Illinois, 205 ILCS 305/42.7 allows credit unions to offer “savings promotion raffles” that are exempt from Illinois gambling laws.

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