News & Press: WINcentive Savings News

Affinity Plus debuts WINcentive Savings program in Wisconsin

Thursday, May 10, 2018  
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Affinity Plus Federal Credit Union - ST. PAUL, Minn. (May 10, 2018) - Minnesota-based Affinity Plus Federal Credit Union is debuting its prize-linked savings program to Wisconsin residents, after passage of a Wisconsin law that permits residents to participate in prize-linked savings programs.

 

“Affinity Plus has more than 9,000 members in Wisconsin, and we’re thrilled to introduce WINcentive Savings to them,” said Morgan Sylvester, deposit and rewards product manager. 

 

“As a credit union, we know that having adequate savings makes a positive impact on an individual’s well-being. Sometimes people just need a nudge to get started,” Sylvester said. “By making it easy, and by giving our members the opportunity to win money just by saving, we hope to encourage more of this positive behavior.”

 

Affinity Plus members can open WINcentive Savings accounts at any of the credit union’s 29 branch locations, including in St. Paul, Winona, Minn., and Duluth, Minn.

 

SAVINGS WITH REGULAR CHANCES TO WIN

Affinity Plus’ prize-linked savings program – known as WINcentive Savings – has been available to the credit union’s Minnesota members since January 2016. 

 

WINcentive Savings offers an incentive for members to practice regular savings habits. For every $25 saved in a WINcentive Savings account each month, members earn an entry into cash prize drawings, to a maximum of four entries per month.

 

WINcentive holds 50 monthly drawings for $100 each; five quarterly drawings for $1,000 each; and one annual $5,000 drawing.

 

As an added incentive for Affinity Plus members, the credit union has dedicated an additional $25,000 prize pool annually for its own monthly, quarterly and annual drawings. 

 

In a little over two years’ time, 3,974 Affinity Plus members have collectively saved $2 million – and 798 of those members have won $139,600 in cash prizes.

INDUSTRY LEADER PROMOTING FINANCIAL HEALTH

In addition to WINcentive Savings, Affinity Plus offers other unique savings programs to help make savings fun, easy and automatic, Sylvester said. They include:

* Stash Your Cash -- a simple method for saving available to any member with a checking account. Each time members make purchases using their Affinity Plus debit cards, the amount is rounded up to the nearest dollar and the extra change is transferred to the savings account of their choice.

* Savings Accelerator -- a loan feature that helps members save money over the life of their Affinity Plus auto loan, 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.

 

Because of those efforts, Affinity Plus received the 2017 “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.

 

ABOUT AFFINITY PLUS

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 192,000 members. Affinity Plus has over $2 billion in assets. Additional information is available at affinityplus.org or by calling (800) 322-7228.


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

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