The WINcentive prize-linked savings program, which is facilitated by the Minnesota Credit Union Network, recently hit three major milestones.
Some 20 CUs in the Gopher State now offer the program, designed to help Minnesotans save funds for a rainy day and buck the national trend of dismal savings rates. Halfway through the second year of the program, credit union members in the state have opened 5,000 accounts and saved more than $3.5 million.
According to the MnCUN, 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, the league said. Recent $1,000 quarterly winners are members at $2 billion Affinity Plus Federal Credit Union, St. Paul, $870 million Mayo Employees Federal Credit Union in Rochester, and $108 million Fulda Area Credit Union, Fulda, Minn.
“As risk-free way to build a rainy-day account, WINcentive Savings helps make regular saving approachable and fun,” Andrea Molnau, director of communications for the Minnesota Credit Union Network, said in a statement. “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.”