SAINT PAUL, Minn.–As America Saves Week comes to a conclusion, the Minnesota Credit Union Network is reminding credit unions of the benefits of prize-linked savings accounts.
The MnCUN cited a 2020 study on the savings habits of Minnesota credit union members that found prize-linked savings accounts, such as WINcentive Savings, incentivizes people to save money for the first time and help change overall savings habits.
The survey found 65% of respondents said they are saving a fixed amount regularly every month and 33% respondents said that they did not save regularly prior to opening their WINcentive account.
In addition, a majority of account holders reported they are happy with their accounts (81%) and are likely to recommend the WINcentive Savings account to friends and family (80%).
CUs Release Video
The Minnesota Network noted that Affinity Plus FCU, North Memorial FCU and North Star Credit Union shared how WINcentive helped boost the member experience during a webinar announcing prize winners here.
The Minnesota Credit Union Network and its wholly owned subsidiary TruLync also administer prize-linked savings programs for credit unions in Delaware, Georgia, Hawaii, Louisiana, Massachusetts, Montana, New York, New Jersey, Ohio and Wisconsin.
The MnCUN reported that to date, the programs provide nearly 29,000 members the opportunity to win through prize-linked savings accounts, with over $40 million saved. In total, the programs have awarded over $1 million dollars in prizes to members of credit unions throughout the nation.
“Credit unions are committed to improving the financial well-being of their members and communities and we are pleased WINcentive is converting infrequent or non-savers into regular savers,” said Mark Cummins, president and CEO of the Minnesota Credit Union Network, the state’s trade association for credit unions.