Since its launch in 2016, Minnesota’s WINcentive prize-linked savings program has opened more than 8,700 accounts and helped members build meaningful emergency reserves, reinforcing the people helping people commitment to financial well-being at a time when many Americans are struggling to save.
Jeremiah Halloran, a member of Rochester, Minn.-based First Alliance Credit Union, was a recipient of one of the annual Grand Prizes.
“I was completely shocked,” said Halloran. “I’ve been saving in the program since it launched but I never imagined I would be a grand prize winner. I’ve always believed in the value of saving a little at a time and WINcentive makes saving feel achievable, and this is an incredible reminder that consistency really does pay off.”
As fintechs continue to gain traction with digital-native consumers, credit unions are proving they can compete on trust, impact, and results. WINcentive takes behavioral science – that oh-so-motivating chance to win, coupled with doing something good for one’s future – with cooperative values, turning consistent deposits into both prize entries and meaningful financial progress.
“In a year defined by economic pressure and shifting savings habits, reaching the 10-year milestone is powerful,” said Mara Humphrey, president and CEO of the Minnesota Credit Union Network. “It shows that when saving is simple and rewarding, members respond.”
WINcentive® Savings offers prize drawing entries for every $25 saved (up to 4 entries per month), and with prizes ranging from $100 to $10,000. Prize drawings occur monthly, quarterly, and annually. Minnesota credit union members won $100,000 in prizes last year, but, more importantly, they built savings habits that will last. In total, more than $10M is saved in WINcentive accounts. Last year, refreshed branding was also introduced, bringing new energy to the product.