WINcentive Savings, a multi-institution prize-linked savings (PLS) product, is an example of one of the many PLS programs that currently exists in the US. Now offered at 23 credit unions across Minnesota, WINcentive has established and grown a new pool of savers. Since the product launched in the state, over 7,600 WINcentive accounts have opened with over $7 million saved and an average balance of $949.

WINcentive is also attracting many credit union members to their first ever highly committed savings product. Commonwealth research has shown that offering the chance to win a prize for saving is effective in promoting savings for account holders and increasing customer acquisition for financial institutions.

The following report adds to this body of research through an evaluative survey on the impact of WINcentive on account holders.