SAINT PAUL, Minn. – During July the WINcentive Savings program, a prize-linked savings initiative administered by the Minnesota CU Network and offered at 21 f the state’s credit unions, announced the latest winners of the monthly and quarterly prizes of up to $1,000.
Members from Affinity Plus Federal Credit Union, North Star Credit Union and Teamsters Credit Union were the lucky winners of $1,000 quarterly prizes. Monthly prizes of $100 were awarded to 50 members in the statewide prize-pool. In addition, each participating credit union is guaranteed one $100 winner each quarter, according to the MnCUN.
Affinity Plus members Joe and Mae from Bemidji were one of the $1,000 quarterly winners. “They opened the WINcentive account when their granddaughter was born prematurely to save for her future education and were delighted to add to that fund,” the MnCUN reported.
According to the organization, members participating in WINcentive have now saved more than $10 million dollars in accounts throughout Minnesota. Currently, 8,500 members of credit unions throughout the state have a WINcentive savings account, the MnCUN said.
The Incentives to Save
The MnCUN explained WINcentive Savings incentivizes consumers in to save by offering risk-free rewards. WINcentive prizes are awarded on a monthly, quarterly, and annual basis, with prizes ranging from $100 to $5,000. Account holders in Minnesota qualify for up to four chances per month for each $25 increase in their month over month savings balance.
The Minnesota Credit Union Network and 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 said that to date, the programs provide over 30,000 members the opportunity to win through prize-linked savings accounts, with over $55 million saved. In total, the programs have awarded over $1 million dollars to members of credit unions throughout the nation.