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Why Prize Linked Savings

Nationwide, credit union members have saved over $23 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 help buck the trend of poor savings habits. Currently, 28% of Americans surveyed by bankrate.com in June 2019 don’t have any savings cover living expenses in the event of a job loss.

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…

Prize Linked Savings is attracting many credit union members to their first ever, highly committed savings product. 82% of participants do not currently have a share certificate or CD, and 58% of participants have never had one. 90% do not currently have a holiday club account, and 83% of all respondents have never had one.

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

Why Partner with Minnesota’s PLS Program?

By partnering with us for a prize linked savings program, you have options!

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.

Customize your PLS program:

Your investment in the Minnesota’s Prize Linked Savings platform provides access to a fully developed program that is easy to implement, including:

  • Access to a state-wide prize pool
  • A fully developed savings product unique to credit unions that has been developed with the expertise of the national financial capability think-tank, Common Wealth
  • Access to MnCUN’s secure, propriety software program, TruLync® that collects credit union data, applies a sophisticated random generator for prize winner selection, and creates and tracks winners through report generation
  • Personalized training for frontline staff

The Minnesota Credit Union Network administers customized prize-linked savings programs in Louisiana, Ohio, New York, and Wisconsin.

By partnering with us for a prize linked savings program, you have options!

WINcentive Savings® is an out of the box, fully branded and easy to implement program. Or, you have the option to customize your own Prize Linked Savings program using our technology platform, marketing and compliance support. With either option, MnCUN will conduct prize drawings on your behalf utilizing our proprietary technology solution.

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.

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 Director of Engagement, Ben Hering, by email at bhering@mncun.org or by phone at 651-288-5519

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.

States with Prize Linked Savings Legislation

For interested credit unions in Minnesota, contact Minnesota Credit Union Network Director of Engagement, Ben Hering, by email at bhering@mncun.org or by phone at 651-288-5519

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.