Minnesota shares the fun, success of prize-linked savings

CU members win nearly $150K, WINcentive surpasses $7M saved

March 10, 2020

The Minnesota Credit Union Network celebrated a successful year for the WINcentive® Savings program, giving away nearly $150,000 to credit union members in 2019. Victory J., a Wakota FCU member and Natalie F. a Financial One CU member, both won a WINcentive annual grand prize of $5,000 through the statewide drawing.

Victory J., later left a cheerful message for the WFCU staff stating “Thank you, thank you, thank you… I really appreciate you. I’m truly happy!”

Additionally, 4th quarter prizes of $1,000 were awarded to members of Affinity Plus FCU, Fulda Area CU, Hiway FCU, Mid Minnesota CU and St. Paul FCU.

WINcentive Savings was developed by MnCUN to encourage healthy savings habits. 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, with prizes ranging from $25 to $5,000. Credit union members in Minnesota currently have more than $7 million saved in WINcentive Savings accounts.

In a recent survey of WINcentive account holders, over a third of respondents said they did not save regularly before having a WINcentive account, while 68% of respondents said they now regularly save with their WINcentive account.

WINcentive Savings is offered at 23 credit unions throughout Minnesota. In addition, the Minnesota Credit Union Network and its wholly-owned subsidiary, TruLync, also administer statewide prize-linked savings programs in Louisiana, Montana, New York, Ohio and Wisconsin, and individual credit union programs in Delaware and Massachusetts.