Prize-linked savings helps Minnesota consumers save $3.5M
Friday, July 28, 2017
Posted by: Laura Whittet
CUNA News (July 28, 2017) - Halfway through its second year, WINcentive, Minnesota credit unions’ prize-linked savings program, has helped the state's credit union members save more than $3.5 million, with almost 500 new accounts opened.
The program is now offered by 20 credit unions, and is facilitated by the Minnesota Credit Union Network (MnCUN).
“As risk-free way to build a rainy-day account, WINcenitve Savings helps make regular saving approachable and fun,” said Andrea Molnau, MnCUN director of communications. “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.”
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.