The Wisconsin Credit Union League is partnering with the Minnesota Credit Union Network (MnCUN) and TruLync to offer prize-linked savings accounts.
Prize-linked savings accounts encourage healthy savings habits by offering risk-free rewards. 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.
"By collaborating on a statewide scale, Wisconsin credit unions will be able to offer a high-profile, high-dollar program rivaling that of well-established, ultra-visible statewide lotteries," said Tara Krejcarek, Wisconsin Credit Union League’s vice president of strategic relationships.
The Wisconsin Credit Union League program will be branded Saver’s Sweepstakes. MnCUN and its wholly-owned subsidiary, TruLync, will provide technology management for the Wisconsin Credit Union League including prize drawing administration, reporting, and technical support for Wisconsin’s participating credit unions.
"Our unity will increase the program's credibility, attract far more consumers than smaller, local prize programs and create synergy that will boost perception and interest, ensuring the buy-in required to sustain and grow prize-linked savings as a long-term opportunity for the greater credit union Movement. We are always stronger together," Krejcarek emphasized.
The first Saver’s Sweepstakes drawing will be held on International Credit Union Day, Oct. 18.
The Minnesota Credit Union Network and TruLync, have offer the branded WINcentive prize-linked savings program through 21 credit unions in Minnesota and Del-One Federal Credit Union in Delaware. In addition, the Minnesota Credit Union Network and TruLync have partnered with the New York Credit Union Association to administer the prize-linked savings program Lucky Savers and with the Louisiana Credit Union League to create the Lucky Lagniappe Savings program.