Mid-Minnesota Federal Credit Union has a new savings program to offer in 2016!
Available exclusively to members at participating Minnesota credit unions, WINcentive™ Savings is a new prize-linked savings account that offers prize drawing entries in return for each tine account holders increase their savings balance by $25 (up to 4 entries per month*). State prize drawings occur monthly, quarterly, and yearly - from $100 up to the grand prize of $5,000! In addition to the statewide drawings, MMFCU is also offering $50 monthly drawings exclusively for our members.
With no cost or monthly fees, WINcentive Savings makes saving money easy and fun! WINcentive Savings accounts offer the thrill of winning cash prizes with no risk of losing savings. With real rewards, rules, suspense and possibility, even if you don’t win a drawing, you still win by having more money than you started with.
Despite improvements in the economy, Americans still lack savings. According to a June 2015 survey by bankrate.com, nearly 78 percent of people do not have savings enough to cover six months’ worth of living expenses in the event of a job loss, while more than 29 percent have no savings at all.
Additionally, 36 percent of Americans have not saved a penny towards their retirement. These percentages have increased since 2013, despite improvements in employment and wages.
Since 2009, credit unions in the U.S. offering prize-linked savings accounts have helped over 50,000 members save $94 million.
In 2015, Minnesota Governor Mark Dayton signed a Minnesota Credit Union Network-sponsored bill that allows Minnesota’s credit unions to offer prize-linked savings (PLS) accounts.
The WINcentive Savings account at Mid-Minnesota is designed to help member improve money habits in a whole new way that actually makes saving fun. Members feel rewarded by watching their savings grow and experience the excitement of the prize drawings. And unlike playing the lottery, nothing is lost with WINcentive Savings. All of the money deposited into the account, plus interest, is the member’s.
And now, WINcentive Savings is available for all of MMFCU’s field of membership including: Becker, Cass, Crow Wing, Douglas, Morrison, Norman, Todd and Wadena
Counties as well as Blowers and Paddock townships in Otter Tail County.
The cities of Aitkin, McGregor and Palisade, in addition to various townships in Aitkin County, can also participate. Aitkin County Townships eligible for membership are Aitkin, Farm Island, Fleming, Glen, Hazelton, Jeven, Kimberly, Lakeside, Logan, Malmo, McGregor, Morrison, Nordland, Shamrock, Spencer, Turner, Wealthwood and Workman.
Don't miss your chance. The first drawing will be around February 10, 2016, and monthly thereafter. In addition to the statewide drawings, MMFCU will have additional monthly drawings. Open your WINcentive Savings account today!
For more information about how to participate in WINcentive Savings at MMFCU, contact us.
*See Member Services for complete terms, conditions, and official rules. Federally insured by NCUA.