Minnesota’s WINcentive Program Continues to Show Growth
Wednesday, August 2, 2017
CUToday.info (August 2, 2017) - The “WINcentive Prize-Linked Savings” program in this state is reporting that halfway through its second year credit union members in the state have opened almost 5,000 accounts and saved more than $3.5 million.
The program is now offered by 20 credit unions, and is facilitated by the Minnesota Credit Union Network.
According to the Minnesota Network, WINcentive Savings incentivizes consumers to save by offering risk-free rewards. WINcentive prizes are awarded on a monthly, quarterly, and annual basis, with prizes ranging from $100 to $5,000. Account holders 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 this year. Recent $1,000 quarterly winners are members at Affinity Plus Federal Credit Union, Mayo Employees Federal Credit Union, and Fulda Area credit union.
“As a 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.”
For more info: wincentivesavings.org