SOUTH ST. PAUL, Minn.–Wakota Federal Credit Union member Annick Claire N. won $500 in January from the December WINcentive Savings prize drawings. Fellow Wakota FCU members won more than $1,600 throughout 2017.
WINcentive Savings is a prize-linked savings account introduced in 2016 and available at Wakota FCU. The savings account offers prize drawing entries in return for each time accountholders increase their savings balance by $25 (up to four entries per month). Prize drawings occur monthly, quarterly and annually - up to the grand prize of $5,000.
The WINcentive Savings account at Wakota FCU is designed to help consumers improve money habits in a whole new way that actually makes saving fun, the credit union said. Members feel rewarded by watching their savings grow, and experience the excitement of the prize drawings. And unlike playing the lottery, nothing is lost with WINcentive Savings. All of the money deposited into the account, plus interest, is the member’s.
Since 2009, credit unions in the U.S. offering prize-linked savings accounts have helped over 50,000 members save $94 million. In 2015, Gov. Mark Dayton signed a Minnesota Credit Union Network-sponsored bill that allows credit unions here to offer prize-linked savings (PLS) accounts. And now WINcentive Savings is available to those who reside in Minnesota.
“We are committed to our member’s financial success. If we can make it fun while they do it, it’s a win-win situation for everyone,” said Mary Matheson, president/CEO, Wakota Federal Credit Union.