News & Press: WINcentive Savings News

Minnesotans open 2,400 accounts with nearly $800,000 saved in new program

Monday, April 25, 2016  
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SAINT PAUL, Minn (April 25, 2016) - Since launching in January, nearly 2,400 Minnesotans have opened the prize-linked savings account WINcentive Savings. 

Almost $800,000 has been saved in total; the median account balance being $130. The Statewide prize-pool has awarded $21,000 to date to 156 credit union members.

Five members have won $1,000 prizes in the first ever quarterly drawing last week. Winners were members of the following credit unions:

  • Affinity Plus Federal Credit Union (Minneapolis branch)
  • First Alliance Credit Union (Rochester)
  • Mayo Employees Credit Union (Rochester)
  • Mid-Minnesota Credit Union (Brainerd/Baxter)

WINcentive™ Savings is the first prize-linked savings account to launch 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 are 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.

“I opened WINcentive because it sounded like a good program, and I am trying to keep up with my emergency savings fund,” said Denise C. of Minneapolis, a $1,000 quarterly prize winner. A member at Affinity Plus Federal Credit Union, Denise plans to use her winnings to pay down loans, or “do something fun for myself.”

The announcements of the quarterly prize winners and the success of the first three months of the program fit perfectly as Minnesota Credit Unions celebrate April’s Financial Literacy Month, spreading the saving message and urging consumers to begin a regular savings habit. WINcentive Savings is a product of the Minnesota Credit Union Network (MnCUN), which is the second state credit union association in the United States to launch a PLS product.

Facts from the first quarter of WINcentive Savings:

  • Total amount saved: $781,018
  • Total number of open WINcentive accounts: 2,389
  • Average Account Balance: $327
  • Median Account Balance: $130
  • Number of credit unions offering: 14

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, including a list of participating credit unions, can be found at wincentivesavings.org.

PHOTOS:
James G. of Orono, and Denise C. of Minneapolis, Affinity Plus Federal Credit Union $1,000 prize winners

Nancy H. of Rochester, First Alliance Credit Union $1,000 prize winner

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The Minnesota Credit Union Network is the statewide trade association that works to ensure the success, growth and vitality of Minnesota credit unions. With nearly $20 billion in assets, Minnesota credit unions are local, trusted financial cooperatives that serve more than 1.6 million members at almost 400 branch locations around the state. As not-for-profit institutions, credit unions give back to the communities they serve. For more information, visit www.mncun.org.

 

PHOTOS:

James G. of Orono, and Denise C. of Minneapolis, Affinity Plus Federal Credit Union $1,000 prize winners

Nancy H. of Rochester, First Alliance Credit Union $1,000 prize winner

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

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