News & Press: WINcentive Savings News

Affinity Plus opens 1,000 WINcentive Savings accounts in less than 3 months

Thursday, March 31, 2016  
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Affinity Plus Federal Credit Union – SAINT PAUL, Minn. (March 31, 2016) – Less than three months after the introduction of a WINcentive — a prize-linked savings account — Affinity Plus Federal Credit Union has quickly crossed the milestone of 1,000 accounts opened. Through WINcentive, consumers have the opportunity to win money by practicing regular savings habits. Members have the chance to win cash prizes for every $25 deposited into a WINcentive Savings account, and drawings are held monthly.

Affinity Plus began offering WINcentive Savings on Jan. 13, and immediately saw a great deal of interest. Member advisors opened 60 WINcentive Savings accounts on the first day they became available, and over 400 in just the first month. The 1,000th account was opened on March 29.

“This level of interest in savings is something I have not seen in my career,” said Dave Larson, President/CEO. “The statics on the lack of savings in this country are astounding, and I think it’s clear that through this product, we have the opportunity to engage members in a new and exciting way.”

Those statistics to which Larson was referring include the following:

  • 63% of households do not have enough savings to cover a $500 emergency (reported by Bankrate.com, Jan. 2016)
  • 1 in 3 American families have no savings at all (reported by Pew Charitable Trusts, Nov. 2015)
  • People are hoping to catch a break – in January 2016, Powerball sales in Minnesota were $49 million.

The more money deposited into a WINcentive Savings account, the more chances to win. Each time members increase the balance in their WINcentive Savings account by $25, they earn one entry into the monthly, quarterly, and annual drawings for cash prizes. Members can earn a maximum of four entries each month for the statewide drawings, and they must be Minnesota residents. In addition to the statewide drawings — which includes members from all participating credit unions in Minnesota — Affinity Plus has also dedicated a $25,000 prize pool for its own membership. Already in the first two months of drawings, Affinity Plus members have won 23 prizes of $100 from the state prize pool and another eight $100 winners from its own prize pool.

The prize drawing in early April will be for the larger $1,000 quarterly award.

“We’re talking real money here,” Larson said. “These prize amounts — $100, $1000 and $5000 — are significant and have the ability to really change our members’ lives. And what’s best is, even if you don’t win a cash prize, you still win because you’re building your savings. Talk about a ‘win-win.'”

The total number and amounts of the drawings are below:

 

Statewide drawing

Affinity Plus drawing

Monthly

50 drawings of $100 ea.

4 drawings of $100 ea.

Quarterly

5 drawings of $1,000 ea.

5 drawings of $500 ea.

Annually

1 drawing of $5,000

10 drawings of $1,000 ea.

Further information about Affinity Plus Federal Credit Union can be found at https://www.affinityplus.org/.

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Affinity Plus Federal Credit Union is a not-for-profit, financial cooperative that puts people first above profits. Members of Affinity Plus receive maximum value through competitive rates, minimal fees, and unique, member-centric products and programs. Affinity Plus has 27 branches located throughout the state. With over $1.7 billion in assets with $3.5 billion in assets under management, Affinity Plus is based in St. Paul and is owned by more than 180,000 members. Additional information is available at www.affinityplus.org or by calling (800) 322-7228.


Minnesota Credit Union Network
555 Wabasha Street N, Suite 200
St. Paul, MN 55102

(651) 288-5170
(800) 477-1034