ST. PAUL, Minn.–Nearly 2,400 Minnesotans have now enrolled in the state’s prize-linked savings program since launch in January.
Called “WINcentive Savings,” nearly $800,000 has been sent to date, with the median account balance being $130, according to the Minnesota CU Network, which is offering the WINcentive Savings program. To date, the Statewide prize-pool has awarded $21,000 to 156 credit union members.
Five members have won $1,000 prizes in the first-ever quarterly drawing last week. Winners were members of Affinity Plus FCU, First Alliance CU, Mayo Employees CU and Mid-Minnesota CU.
WINcentive Savings is the first prize-linked savings account to launch in Minnesota since legislators passed a new law last year allowing financial institutions to incentivize consumers to save by offering risk-free rewards. WINcentive prizes are 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, according to the MCUN.
“The announcements of the quarterly prize winners and the success of the first three months of the program fit perfectly as Minnesota credit unions celebrate April’s Financial Literacy Month, spreading the saving message and urging consumers to begin a regular savings habit,” the MCUN said in a statement.
Fourteen credit unions in the state are offering the program.