Prize-linked savings debuts in Ohio amid push for deposits
The Minnesota Credit Union Network has partnered with the Ohio Credit Union League to offer prize-linked savings accounts.
The MnCUN launched WINcentive Savings, a free savings account that enters members into cash drawings throughout the year, in 2016 and has opened more than 7,500 accounts since then. According to the Minnesota Credit Union Network, $7 million has been saved through the program.
The Ohio Credit Union League program will be known as Bucks for Buckeyes. Participating Ohio credit unions will work with TruLync, a subsidiary of the Minnesota CU Network, for assistance with technology management.
“We are excited to partner with the Ohio league and their credit unions in administering prize-linked savings,” John Ferstl, vice president of the Minnesota Credit Union Network Service Corp., said in a press release.
Prize-linked savings program is one strategy credit unions are using to in the battle for deposits and to boost liquidity. Both Louisiana and Wisconsin debuted their prize-linked savings programs in May 2018, with the latter modeling its effort after the WINcentive program.
Twenty-three Minnesota credit unions currently offer WINcentive savings accounts to their members. Credit union leagues in Louisiana, Montana, New York and Wisconsin also have partnerships with MnCUN and TruLync.
“Bucks for Buckeyes is a creative solution that incentivizes consumers to build tangible savings while also empowering individuals to take control of their financial future,” Ohio Credit Union League President Paul Mercer said in the press release. “Moving forward, Bucks for Buckeyes will only enhance the Ohio Credit Union Movement’s commitment to advocating for consumers through superior member service.”