Rochester man wins $1,000 in WINcentive Savings drawing
Friday, February 19, 2016
Three Rochester-area credit unions are among 14 Minnesota Credit Unions offering the WINcentive Accounts.
The announcement of the January winner launches the next wave of events as the Minnesota Credit Union Network celebrates America Saves Week, spreading the saving message and urging consumers to make savings automatic with a WINcentive Savings Account.
According to Doorways to Dreams Fund, nearly 20 percent of Minnesotans don’t have a savings account and more than 50 percent of Americans have less that one month of income available in savings.
“America Saves Week is the perfect time to encourage consumers to save. WINcentive offers that opportunity with no-risk, but the chance for significant rewards,” Minnesota Credit Union Network Director of Communications said Andrea Molnau said in a press release. “WINcentive is a risk-free way to build a rainy day account at a time when many Minnesotans are living check to check. Plus, it helps make saving approachable and fun.”
Since opening in January, thousands of Minnesotans have opened the prize-linked savings accounts that don’t risk any of the deposits for a chance to win prizes up to $5,000.
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 prizes will be offered on a monthly, quarterly and annual basis – up to $5,000. Account holders can qualify for up to four 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.