First Month of Minnesota’s WINcentive™ a Success
Wednesday, February 24, 2016
Minnesota Credit Union Network – ROCHESTER, Minn. (February 24, 2016) – Since launching in January, over one thousand Minnesotans have opened WINcentive prize-linked savings accounts that don’t risk any of the deposits for a chance to win prizes.
Last Friday in Rochester, MN, Spencer K. of First Alliance Credit Union won the $1,000 “Kick Off” prize, donated by the Minnesota Credit Union Foundation. WINcentive Savings is a product of the Minnesota Credit Union Network (MnCUN), which is the second state credit union league in the United States to launch a PLS product. Twelve credit unions began opening accounts in January, with two more launching Feb. 1.
Facts from the first month of WINcentive Savings:
- Total amount saved: $197,721.40
- Total number of open WINcentive accounts: 1,095
- Average Account Balance: $180.57
- Median Account Balance: $100
WINcentive Savings is the first prize-linked savings account in Minnesota since legislators passed a new law last year allowing financial institutions to incentivize consumers to save by offering risk-free rewards. WINcentive prizes will be offered on a monthly, quarterly and annual basis – up to $5,000. Account holders can qualify for up to 4 chances per month for each $25.00 increase in their balance. In addition to the $1,000 prize, 50 credit union members across the state won $100 cash prizes for their January savings efforts.
News outlets all over the state are reporting on the innovative program. Recent media, including print, radio and TV coverage, is highlighted on the WINcentive Press Page.
More information about WINcentive Savings can be found at wincentivesavings.org.
PHOTO: Spencer K receives $1,000 from First Alliance Credit Union CEO Kelly McDonough