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Why Prize Linked Savings

Nationwide, credit union members have saved over $75 million with 107 credit unions in 9 states by offering WINcentive® or a Prize Linked Savings account administered by the Minnesota Credit Union Network.

This program can address lack of savings and financial security among credit union members. According to a bankrate.com survey, more than half of Americans (51% percent) have less than three month’s in emergency savings.

Saving money can be hard, that is why Prize Linked Savings (PLS) makes it easier – and fun! PLS incentivizes consumers to save by offering risk-free chances to win prizes.

According to an ongoing survey* of members upon opening their PLS account…

• 80% said Prize Linked Savings makes them more excited about their credit union.
• 60% of participants said that building their savings would make them more likely to use other financial products at their credit union.
• 82% of participants were already members of their credit union before they opened a PLS account, while 14% joined their credit union for the account.

WINcentive is Motivating Members to Save Regularly

Prize Linked Savings is attracting many credit union members to their first ever, highly committed savings product.

Thirty-three percent of respondents said that they did not save regularly prior to opening their WINcentive account. When asked how often they save in their WINcentive account now, 57% of those respondents said that they save a fixed amount regularly and 35% said they sometimes save when there’s something left. This suggests that many members who were not saving regularly prior to opening a WINcentive account are now doing so.

In addition, of the 67% of respondents who said they did save regularly prior to opening a WINcentive account, nearly half (48%) had only been saving sporadically through the month or whenever they had money left. Since opening a WINcentive account, 65% said they are currently saving a fixed amount regularly every month.

Members are Motivated by the Chance to Win Prizes Regardless of Whether they Have Won a Prize or Not

Even members who have not been selected as a winner are still motivated to save by the chance to win money; they are also satisfied with the WINcentive account, and are very likely to recommend the account. Eighty-five percent of members agree or strongly agree that they save money because of the potential to win a prize, even though 60% of the respondents have not yet been selected as a winner.

* A Commonwealth survey administered to WINcentive® account holders by their respective credit union.

Safe, Sound and Secure

Minnesota’s PLS utilizes secure, proprietary file transfer and security framework. Our PLS platform provides technology management including prize drawing administration, reporting, and technical support for participating credit unions. Currently, participating credit unions use more than nine different core data processors operating systems.

• Established file transfer platform and security framework
• PLS Technology Platform:
  • Secure, proprietary software program.
  • Collects credit union data.
  • Verifies data.
  • Calculates the entries earned.
  • Stop gaps catches redundant entries for multiple accounts.
  • Applies a sophisticated random generator for prize winner selection.
  • Creates and tracks winners and statistics through report generation.

WINcentive Savings

WINcentive Savings was developed in partnership with Commonwealth, an organization that researches and creates innovative solutions that make people financially secure.

In addition, the Minnesota Credit Union Network formed a collaborative working group representing 12 credit unions to design a prize-linked savings product tailored for members.

WINcentive is an out-of-the box and easy to implement savings program. You will receive implementation and best practice information, training for frontline staff, a CUNA Diamond Award winning marketing toolkit and compliance documents. All resources have been developed to be customizable to your credit union and membership, including.

• A marketing toolkit, including a trademarked product name and logo
• A consumer facing website for members to learn about credit unions and how to participate in a WINcentive Savings account
• Compliance templates for truth in savings disclosure, a member participation agreement, and WINcentive Savings account policy

The Minnesota Credit Union Network administers WINcentive Savings for 22 credit unions in Minnesota, plus credit unions in Montana, Massachusetts, Delaware and Georgia.

How to Partner with Us

For interested credit unions in Minnesota, contact Minnesota Credit Union Network by sending an email to info@mncun.org or by phone at 651-288-5170.

For credit unions and programs outside of Minnesota, contact Minnesota Credit Union Network Director of Business Development Kris Jacobsen by email at kjacobsen@mncun.org, or by phone at 651-288-5515 for additional information.

Info Center Login

Existing  WINcentive/PLS user can log into the Info Center.