News & Press: Credit Union News

Wakota Federal Credit Union Member Wins $500 Cash Prize from WINcentive Savings

Monday, February 5, 2018  
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Wakota Federal Credit Union - SOUTH ST. PAUL, Minn. - Wakota Federal Credit Union (FCU) member, Annick Claire N. won $500 in January from the December WINcentive® Savings prize drawings. Fellow Wakota FCU members won over $1600 throughout 2017.

 

WINcentive® Savings is a prize-linked savings account introduced in 2016 and available at Wakota FCU. This savings account offers prize drawing entries in return for each time accountholders increase their savings balance by $25 (up to 4 entries per month)*. Prize drawings occur monthly, quarterly and annually - up to the grand prize of $5,000!

 

The WINcentive® Savings account at Wakota FCU is designed to help consumers improve money habits in a whole new way that actually makes saving FUN. Members feel rewarded by watching their savings grow, and experience the excitement of the prize drawings. And unlike playing the lottery, nothing is lost with WINcentive Savings. All of the money deposited into the account, plus interest, is the member’s.

 

Since 2009, credit unions in the U.S. offering prize-linked savings accounts have helped over 50,000 members save 94 million dollars. In 2015, Gov. Mark Dayton signed a Minnesota Credit Union Network-sponsored bill that allows credit unions here to offer prize-linked savings (PLS) accounts. And now WINcentive® Savings is available to those who reside in Minnesota.

 

“We are committed to our member’s financial success. If we can make it fun while they do it, it’s a win-win situation for everyone” states Mary Matheson, President/CEO, Wakota Federal Credit Union.

 

To learn more about prize-linked savings accounts and why we choose to pay people to save, read this article originally published by NerdWallet.

 

For more information about how to participate in WINcentive® Savings at Wakota Federal Credit Union, contact a Financial Service Representative at 651-451-3330.

 

About Wakota Federal Credit Union

Established in 1931, Wakota Federal Credit Union formally known as Armour Credit Union was originally formed to provide “Savings and Thrift” to the Armour Foods employees and their families. Our name was changed in 1997 to Wakota Federal Credit Union as we became a community and federally chartered credit union. The name Wakota is derived from a bridge in South St. Paul that connects Washington and Dakota Counties. Wakota is a word that is easily identifiable to the community of South St Paul where our main office is located. Wakota FCU has grown considerably since its inception and now services all of Dakota County providing all the “Big Bank” services with that small hometown feel. While our heart is in South St Paul, our members can transact business at over 5000 credit union shared branches in the metro area, nationally and worldwide. We are YOUR Banking Alternative. For eligibility on joining Wakota FCU and to learn more visit www.wakotafcu.org or call us at 651.451.3330


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

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