ROCHESTER, Minn.–More than 1,000 accounts were opened and nearly $200,000 in deposits gathered during January as part of the Minnesota CU Network’s inaugural “WINcentive Savings” program.
That program offers prize-linked savings accounts. The first person to win a prize in the program was Spencer K. of First Alliance Credit Union, who won the $1,000 “Kick Off” prize, donated by the Minnesota Credit Union Foundation. WINcentive Savings is a product of the Minnesota Credit Union Network (MnCUN), which is the second state credit union league in the United States to launch a PLS product. Twelve credit unions began opening accounts in January, with two more launching Feb. 1 the league reported.
Data from the first month of WINcentive Savings shows:
- Total amount saved: $197,721.40
- Total number of open WINcentive accounts: 1,095
- Average Account Balance: $180.57
- Median Account Balance: $100
WINcentive Savings became possible after Minnesota legislators passed a new law last year allowing financial institutions to incentivize consumers to save by offering risk-free rewards. WINcentive prizes will be offered on a monthly, quarterly and annual basis – up to $5,000. Account holders can qualify for up to four chances per month for each $25 increase in their balance. In addition to the $1,000 prize, 50 credit union members across the state won $100 cash prizes for their January savings efforts.
For info: wincentivesavings.org.