Minnesota’s WINcentive Program Awarded $150K During ’19; $7 Million Saved to Date
Tuesday, March 3, 2020
CU Today.info (March 2, 2020) - The Minnesota Credit Union Network is reporting a successful year for its WINcentiveSavings program, giving away nearly $150,000 to credit union members in 2019.
Victory J., a Wakota Federal Credit Union member and Natalie F. a Financial One Credit Union member, both won a WINcentive annual grand prize of $5,000 through the statewide drawing, according to the MCUN.
In addition, fourth-quarter prizes of $1,000 were awarded to members of Affinity Plus FCU, Fulda Area CU, Hiway FCU, Mid Minnesota Credit Union and St. Paul Federal Credit Union.
“WINcentive Savings was developed by MnCUN to encourage healthy savings habits,” the MCUN said. “When credit union members deposit a set amount of funds into their prize-linked savings account they are automatically entered in monthly, quarterly, and annual cash prize drawings, with prizes ranging from $25 to $5,000. Credit union members in Minnesota currently have more than $7 million saved in WINcentive Savings accounts.”
Two-Thirds Now Regular SaversAccording to the Minnesota Network, in a recent survey of WINcentive account holders, more than one-third of respondents said they did not save regularly before having a WINcentive account, while 68% of respondents said they now regularly save with their WINcentive account.
WINcentive Savings is offered at 23 credit unions throughout Minnesota. In addition, the Minnesota Credit Union Network and its wholly-owned subsidiary, TruLync, also administer statewide prize-linked savings programs in Louisiana, Montana, New York, Ohio and Wisconsin, and individual credit union programs in Delaware and Massachusetts.