ST. PAUL, Minn.--In less than a year members of Affinity Plus Federal Credit Union have saved just over $1 million through a new prize-linked savings program.
“Very little in life sets you on as positive a course as saving, because it reduces the fear of financial uncertainties. And what’s better than winning free money?” said Dave Larson, Affinity Plus president/CEO. “Our members have achieved an important savings milestone, and it’s definitely worth celebrating. WINcentive Savings has become an amazing ‘win-win’ opportunity for our members, and for credit-union members across Minnesota.”
Affinity Plus launched the program in January of 2016 following legislation that legalized prize-linked savings. APFCU said it opened 60 accounts on day one, had 400 within one month and 1,000 within three months.
As of mid-October, more than 1,800 members now have WINcentive Savings accounts, with an average balance of $541, the credit union said.
Under the WINcentive program, account holders earn a chance to win money when they contribute $25 monthly to their savings balance. They can earn a maximum of four entries per month by saving $100 per month. WINcentive holds 50 monthly drawings for $100 each, five quarterly drawings for $1,000 each, and one annual drawing for $5,000.
Affinity Plus members with WINcentive Savings accounts have additional chances to win through a special $25,000 prize pool the credit union set aside in 2016 for its own monthly, quarterly and annual drawings.
In all, 15 Minnesota CUs are participating, with 3,600 total accounts opened to date representing nearly $2.2 million in savings.