HELENA, Mont.–Montana’s Credit Unions said it is partnering with the Minnesota Credit Union Network and TruLync to offer WINcentive prize-linked savings accounts in the state.
Prize-linked savings accounts are designed to help members develop savings habits by offering risk-free rewards. When credit union members deposit a set amount of funds into their prize-linked savings account they are automatically entered in monthly, quarterly, and annual cash prize drawings.
“We’re so pleased that legislation passed last year in Montana allowing our credit unions to offer this savings program to their members and community,” said Karen Smith, VP-advocacy with Montana’s Credit Unions. “It’s exciting to have six of our Montana credit unions launch the Montana WINcentive program this year, and we’re proud to be part of their efforts to help Montanans improve their saving habits.”
The Montana program will be branded Montana WINcentive. St. Paul, Minn.-based MnCUN and its wholly owned subsidiary, TruLync, will provide technology management for Montana’s Credit Unions including prize drawing administration, reporting, and technical support for Wisconsin’s participating credit unions, according to the two organizations.
The first WINcentive Savings drawing will be held on Oct. 15, 2018.
In addition to Montana, TruLync said it also manages prize-linked savings programs for credit unions in Delaware, Louisiana, Minnesota, Wisconsin and New York.