ST. PAUL, Minn. - The Minnesota Credit Union Network is partnering with the Louisiana Credit Union League and Del-One Federal Credit Union of Delaware to offer prize-linked savings accounts.
WINcentive Savings was developed by MnCUN 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. Since the program began in 2016, Minnesota consumers have saved more than $4 million through WINcentive Savings accounts, according to the Minnesota CU Network.
The LCUL program will be branded Lucky Lagniappe Savings. Lagniappe, pronounced LAN-YAP, is a French word for “a little something extra.” MnCUN and its wholly owned subsidiary, TruLync, will provide technology management for LCUL including prize drawing administration, reporting, and technical support for Louisiana’s participating credit unions, the MnCUN said.
Del-One Federal Credit Union will be the first financial institution in Delaware to provide a prize-linked savings account, and will offer the account under the WINcentive Savings brand, funded by its own prize-pool. The $440-million Del-One Federal Credit Union has more than 59,000 members.
“We are excited to support leagues and credit unions in administering prize-linked savings,” said John Ferstl, vice president of the Minnesota Credit Union Network Service Corp., in a statement. “Not only does this help consumers, but also creates greater efficiencies and opportunities within the credit union system.”
In addition to the new partnerships with LCUL and Del-One Federal Credit Union, MnCUN and TruLync administer the New York Credit Union Association prize-linked savings program, Lucky Savers. In Minnesota, 20 credit unions currently offer WINcentive Savings accounts to members.