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For America Saves Week, February 22 - 26, 2021, the Minnesota Credit Union Network is reminding credit unions of the benefits of prize-linked savings accounts. A 2020 study on the savings habits of Minnesota Credit Union members found that the prize-linked savings accounts, WINcentive Savings, incentivizes people to save money for the first time and help change overall savings habits. 65% of respondents said they are saving a fixed amount regularly every month and 33% respondents said that they did not save regularly prior to opening their WINcentive account. Additionally, a majority of account holders reported they are happy with their accounts (81%) and are likely to recommend the WINcentive Savings account to friends and family (80%). Last month, Affinity Plus Federal Credit Union, North Memorial Federal Credit Union and North Star Credit Union shared how WINcentive helped boost the member experience during a webinar announcing prize winners: https://fb.watch/3R1loWEfgQ/ The Minnesota Credit Union Network and its wholly owned subsidiary TruLync also administer prize-linked savings programs for credit unions in Delaware, Georgia, Hawaii, Louisiana, Massachusetts, Montana, New York, New Jersey, Ohio and Wisconsin. To date, the programs provide nearly 29,000 members the opportunity to win through prize-linked savings accounts, with over $40 million saved. In total, the programs have awarded over $1 million dollars in prizes to members of credit unions throughout the nation. “Credit unions are committed to improving the financial well-being of their members and communities and we are pleased WINcentive is converting infrequent or non-savers into regular savers,” said Mark Cummins, President and CEO of the Minnesota Credit Union Network, the state’s trade association for credit unions. The analysis in the study comes from responses to a survey Commonwealth and MnCUN deployed between December 2019 and January 2020. The sample was comprised of respondents who have had their WINcentive account for at least three months and excluded survey responses that provided insufficient information. Of 386 total responses, 363 responses were used in the analysis. Commonwealth is a national non-profit that strengthens the financial opportunity and security of financially vulnerable people by discovering ideas, piloting solutions, and driving innovations to scale. About MnCUN The Minnesota Credit Union Network is the statewide trade association that works to ensure the success, growth, and vitality of Minnesota credit unions. With nearly $27 billion in assets, Minnesota credit unions are local, trusted financial cooperatives that serve nearly 1.9 million members at almost 400 branch locations around the state. As not-for-profit institutions, credit unions give back to the communities they serve. For more information, visit mncun.org. The Minnesota Credit Union Network administers WINcentive Savings for 21 credit unions in Minnesota, plus credit unions in Montana, Massachusetts, Delaware and Georgia. For more information, visit wincentivesavings.org
For America Saves Week, February 22 - 26, 2021, the Minnesota Credit Union Network is reminding credit unions of the benefits of prize-linked savings accounts.
A 2020 study on the savings habits of Minnesota Credit Union members found that the prize-linked savings accounts, WINcentive Savings, incentivizes people to save money for the first time and help change overall savings habits.
65% of respondents said they are saving a fixed amount regularly every month and 33% respondents said that they did not save regularly prior to opening their WINcentive account.
Additionally, a majority of account holders reported they are happy with their accounts (81%) and are likely to recommend the WINcentive Savings account to friends and family (80%).
Last month, Affinity Plus Federal Credit Union, North Memorial Federal Credit Union and North Star Credit Union shared how WINcentive helped boost the member experience during a webinar announcing prize winners: https://fb.watch/3R1loWEfgQ/
The Minnesota Credit Union Network and its wholly owned subsidiary TruLync also administer prize-linked savings programs for credit unions in Delaware, Georgia, Hawaii, Louisiana, Massachusetts, Montana, New York, New Jersey, Ohio and Wisconsin. To date, the programs provide nearly 29,000 members the opportunity to win through prize-linked savings accounts, with over $40 million saved. In total, the programs have awarded over $1 million dollars in prizes to members of credit unions throughout the nation.
“Credit unions are committed to improving the financial well-being of their members and communities and we are pleased WINcentive is converting infrequent or non-savers into regular savers,” said Mark Cummins, President and CEO of the Minnesota Credit Union Network, the state’s trade association for credit unions.
The analysis in the study comes from responses to a survey Commonwealth and MnCUN deployed between December 2019 and January 2020. The sample was comprised of respondents who have had their WINcentive account for at least three months and excluded survey responses that provided insufficient information. Of 386 total responses, 363 responses were used in the analysis.
Commonwealth is a national non-profit that strengthens the financial opportunity and security of financially vulnerable people by discovering ideas, piloting solutions, and driving innovations to scale.
About MnCUN
The Minnesota Credit Union Network is the statewide trade association that works to ensure the success, growth, and vitality of Minnesota credit unions. With nearly $27 billion in assets, Minnesota credit unions are local, trusted financial cooperatives that serve nearly 1.9 million members at almost 400 branch locations around the state. As not-for-profit institutions, credit unions give back to the communities they serve. For more information, visit mncun.org. The Minnesota Credit Union Network administers WINcentive Savings for 21 credit unions in Minnesota, plus credit unions in Montana, Massachusetts, Delaware and Georgia. For more information, visit wincentivesavings.org