The goal of WINcentive® is to foster a regular habit of savings. For every $25 month-over-month increase in your balance, you earn one entry into the monthly, quarterly and annual state prize drawings. There is no minimum number of deposits required, but there is a maximum of 4 entries per month per member per participating credit union account, and a maximum of 48 earned entries per year.
WINcentive is a prize-linked savings account that offers you the chance to win cash prizes from a state-wide prize drawing in addition to earning regular interest. It requires only a minimum opening of $5 and allows unlimited number of deposits during the 12-month term.
Chances are very good! WINcentive Savings Accounts are available exclusively to credit union members in Minnesota. There is a statistically equal chance that every participant, regardless of where your credit union is located or its size, will have a fair chance of winning a prize, based on the random generator in the software that will be used.
A: Participating in WINcentive Savings is not considered gambling under Minnesota state law.
Talk to your assigned benefits social worker if you think either savings or winning a prize could affect your benefits.
Winnings should be reported on your income tax returns. The exact amount that is taxable depends on other factors, so we cannot predict how much tax you would have to pay on your winnings.
A: There is a $5 minimum balance requirement to keep the account open.
No! There are no monthly service fees for this account.
The applicable interest rate on an account depends on your individual credit union, and will be disclosed in the Truth in Savings (TIS) Disclosure.
In order to participate in the program and be eligible to win prizes, an eligible account must be open through the drawing period. You must also be a resident of Minnesota and be a member with a regular share account (the account which qualifies the individual for credit union membership), in good standing in the participating credit union. For every $25 increase in your month-over-month
balance, you will earn 1 entry into the upcoming monthly, quarterly, and annual drawing (up to 4 entries per month).
If you are no longer a state resident, or are no longer in good standing at your credit union, you are no longer eligible to participate in the prize drawings.
No. Accounts are limited to one per person per participating credit union. Members of the same household can have one WINcentive account each as long as they meet other eligibility requirements.
Yes! At least one account holder must be 18 or older, or an individual minor may hold an account so long as a parent/guardian executes the participation agreement on the minor’s behalf.
You can make two withdrawals during a 12-month period for a $10 and $25 fee respectively. If a third withdrawal occurs, the account will be closed and all entries earned up until that point are forfeited. If you complete 12 months of savings, you will have a 30 day window in which to make one withdrawal in any amount, penalty free.
Yes, 90 days.
Yes. The account is designed to encourage 12 consecutive months of savings, and there are penalties for withdrawals during the 12 month period. To be eligible for prizes, the account needs to be kept open through the drawing period in order to maintain eligibility for the subsequent drawings as they occur.
An account has to be opened during the drawing period in order to be eligible to receive a prize. The monthly drawings will be conducted on or about the tenth day of a month once the previous month’s entries are received, so the January monthly drawing would be performed on or about February tenth. For a member to be eligible for a January drawing prize, they would need to have their account open through the last day in January. The same applies for the quarterly prize drawings, which are held in the months of April, July, October and January. For a member to be eligible for the annual “grand” prize drawing, the account must have remained open through the end of December.
Account holders must be a Minnesota resident, and a member in good standing of a participating credit union. Joint consumer accounts are eligible to participate. Non-consumer accounts are not eligible. Already a member? Find out if WINcentive are available at your credit union. Not a credit union member? Find a Minnesota credit union that’s right for you!
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