ST. PAUL, Minn. – After prize giveaways of more than $120,000 during 2018, the Minnesota Credit Union Network said it has awarded a WINcentive Savings 2019 winner with $5,000. The winner is a member of St. Paul Federal Credit Union.
In addition, quarterly prizes of $1,000 were awarded to members of Affinity Plus Federal Credit Union, First Alliance Credit Union, Teamsters Credit Union and Two Harbors Federal Credit Union.
The Minnesota Network said WINcentive Savings was developed to encourage healthy savings habits. When credit union members deposit a set amount of funds into their prize-linked savings account they are automatically entered in monthly, quarterly, and annual cash prize drawings, with prizes ranging from $25 to $5,000.
Credit union members in Minnesota currently have more than $6 million saved in WINcentive Savings accounts, the association added.
“I’m going to buy a desk for my computer,” said Noah, 10-year-old member of Two Harbors Federal Credit Union and winner of a $1,000 quarterly prize, “and put the rest in my savings for college.”
WINcentive Savings is offered at 23 credit unions throughout Minnesota. In addition, the Minnesota Credit Union Network and TruLync, a wholly-owned subsidiary of the association, also administer prize-linked savings programs in Delaware, Louisiana, New York, Montana, and Wisconsin.