The Minnesota Credit Union Network is excited to announce the findings of a report published by Commonwealth, highlighting the benefits members of credit unions have experienced through prize-linked savings accounts.
The report, conducted with participating members of the WINcentive program, shows that offering the chance to win a prize is effective in promoting savings habits, and also may attract members to their first committed savings product.
The full report can be viewed on Commonwealth’s website.
Quarterly Winners Announced
Additionally, the WINcentive Savings program recently announced winners of five $1,000 prizes and for 45 $100 monthly prizes at participating credit unions throughout Minnesota. Members of Affinity Plus Federal Credit Union, Financial One Credit Union and Mid Minnesota Federal Credit Union were the lucky recipients of $1,000 by participating in the WINcentive program.
Although social distancing and reduced in-person meeting requirements make prize-winning and check presentations more difficult, credit unions have gotten creative with member celebrations.
Through June 2020, WINcentive in Minnesota has reached 8,250 accounts open with over $8 million in total saved by members of credit unions throughout the state. Twenty-three (23) Minnesota-based credit unions now offer WINcentive to members who have the chance to win monthly, quarterly and annual prizes.To date, participating members have an average saved balance of nearly $1,000.
WINcentive Savings incentivizes consumers in 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 Minnesota Credit Union Network and TruLync also administer prize-linked savings programs for credit unions in Delaware, Georgia, Hawaii, Louisiana, Massachusetts, Montana, New York, New Jersey and Wisconsin.
The Minnesota Credit Union Network invites credit unions and system partners interested in learning more to sign up for a prize-linked savings program overview and product demo on Thursday, July 30 at 2 p.m. Visit the event page for more details and to sign up. More information about WINcentive Savings, including a list of participating credit unions, can be found at wincentivesavings.org.
Photo: Tiffany, employee of Affinity Plus Federal Credit Union, gets creative with WINcentive celebrations, opting to send member prize packages.
The Pulse is MnCUN's newsletter that keeps credit union professionals and board members updated on current news and information.
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