Affinity Plus members reach milestone: $2 million saved through prize-linked savings program
Wednesday, April 25, 2018
CUInsight (April 25, 2018) - Affinity Plus Federal Credit Union members recently surpassed another big success milestone in the WINcentive Savings program. Since launching WINcentive Savings in January 2016, 3,947 of the credit union’s members have collectively saved $2 million.
“Seeing $2 million saved in a few short years is incredible,” said Affinity Plus President/CEO Dave Larson, noting how small amounts of money regularly deposited can add up to a lot. “The success of this program clearly illustrates two things – not only can saving be fun and exciting, but it also can have the ability to change long-term behavior.”
WINcentive Savings, also known as prize-linked savings, rewards members for practicing regular savings habits. For every $25 saved in a WINcentive Savings account each month, a member earns an entry into cash prize drawings (maximum four entries per month).
WINcentive holds 50 monthly drawings for $100 each; five quarterly drawings for $1,000 each; and one annual drawing for $5,000.
“Our members love that you can win money just by saving it – you can’t lose,” Larson added.
Affinity Plus members with WINcentive Savings accounts have additional chances to win through a special $25,000 prize pool the credit union set aside for its own monthly, quarterly and annual drawings.
Since program implementation in January 2016, 798 Affinity Plus members have been awarded a total of $139,600 in cash prizes – including $5,000 to the 2017 grand prize winner.
Affinity Plus members statewide can open WINcentive Savings accounts at any branch location throughout Minnesota.
EMPHASIS ON SAVINGS
Affinity Plus places a strong emphasis on savings, knowing that far too many people don’t focus on it enough.
“When people save money, we know that they’re better off – and that includes a whole lot of our members at Affinity Plus,” said Morgan Sylvester, Deposit Products manager. “As a not-for-profit financial cooperative, we put our members first, not profit. That allows us to focus on the products and services right for them.”
Understanding the many barriers that exist when it comes to developing positive savings habits, Affinity Plus offers three unique programs to help make saving fun, easy and automatic.
In addition to WINcentive Savings, Affinity Plus also offers the following savings programs:
* Stash Your Cash offers a simple method for saving that is available to any member with a checking account. Every time a member makes a purchase using their Affinity Plus debit card, the amount is rounded up to the nearest dollar and the excess change is transferred to the savings account of their choice.
* Savings Accelerator is a loan feature that helps members save money over the life of their auto loan with Affinity Plus, while also receiving a reduced rate. All members approved for an auto loan can take advantage of this savings feature, and some members can use it to receive a loan when they may not have otherwise qualified.
“With direct deposits made to my savings, it makes that money feel untouchable,” said Affinity Plus member Amanda Costello. “I almost forget I have it until I look. Plus, [these savings programs] don’t get in the way of other saving methods. I still have the flexibility to choose another savings method that works for me and my family.”
In 2017, Affinity Plus received the “Financial Health Leader” designation from the Center for Financial Services Innovation (CFSI), a national network of financial institutions and organizations committed to improving the financial health of American consumers.
CFSI recognized Affinity Plus as a leader in the credit union industry for offering innovative savings products that are considered “best in class.”
About Affinity Plus Federal Credit Union
Based in St. Paul, Minn., Affinity Plus Federal Credit Union is a not-for-profit, financial cooperative that puts people first above profits. Members of Affinity Plus receive maximum value through competitive rates, minimal fees, and unique, member-centric products and programs. Established in 1930, Affinity Plus has 29 branches located throughout Minnesota and is owned by more than 188,000 members. Affinity Plus has over $2 billion in assets. Additional information is available at affinityplus.org or by calling (800) 322-7228.