Fulda Area Credit Union member awarded $1,000 for saving through WINcentive, Prize-Linked Savings
Friday, July 28, 2017
WORTHINGTON, Minn. (July 28, 2017) - Fulda Area Credit Union and the Minnesota Credit Union Network presented Jesse L., a Worthington area resident, with a $1,000 check last week. Jesse is the first major winner from the Fulda Area Credit Union as part of the highly-successful WINcentive Savings program that offers risk-free rewards through prize-based savings.
Launched in January 2016, Fulda Area Credit Union members have opened 163 WINcentive Savings accounts, saving almost $100,000 collectively. Average balances in the accounts are just under $600.
WINcentive Prize-Linked Savings is proving to help Minnesotans save more funds for a rainy day, something that is bucking the trend of dismal national savings rates. Halfway through the program’s second year, credit union members across the state have opened almost 5,000 accounts and saved over $3.5 million. The program is now offered by 20 Minnesota credit unions across the state, and is facilitated by the Minnesota Credit Union Network.
WINcentive Savings incentivizes 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 four chances per month for each $25 increase in their month over month savings balance. The Statewide prize-pool has awarded $35,000 so far this year. Recent $1,000 quarterly winners are members at Affinity Plus, Mayo Employees, and Fulda Area credit unions.
“As risk-free way to build a rainy-day account, WINcenitve Savings helps make regular saving approachable and fun,” said Andrea Molnau, Director of Communications for the Minnesota Credit Union Network. “WINcentive is providing some consumers with their first savings product: strengthening the relationship between credit unions and their members, while also attracting new members. That’s a win for consumers and the credit unions that are offering the program.”
More information about WINcentive Savings, including a list of participating credit unions, can be found at wincentivesavings.org.
The Minnesota Credit Union Network is the statewide trade association that works to ensure the success, growth and vitality of Minnesota credit unions. With $20 billion in assets, Minnesota credit unions are local, trusted financial cooperatives that serve more than 1.7 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.