WINcentive demonstrates the use of prizes at credit unions in Minnesota to address the saving challenge.
WINcentive Savings is a Prize-Linked Savings product offered in Minnesota by the Minnesota Credit Union Network (MCUN) that launched in January 2016 at 14 credit unions. Credit union members are given a chance to win a prize for every $25 they deposit into the account. Drawings are done every month for $100, every quarter for $1,000, and every year for $5,000. Commonwealth provides technical assistance to MCUN on product design, marketing and evaluation.
This product was made possible by the passage in 2015 of a Commonwealth supported bill in Minnesota that allows Minnesota’s credit unions to offer prize-linked savings accounts.