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The Basics
Minnesota-based credit unions have teamed up to provide a fun and exciting way for their members to save money. WINcentive® Savings in Minnesota offers prize drawing entries for every $25 you save.-
Open a WINcentive Savings Account
Apply online, through digital banking, at a branch, or over the phone. Deposit $5 into the account to get started.
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Deposit Funds Regularly
Deposit a minimum of $25 each month to be included in the prize drawings. For every $25 increment you deposit, you'll earn another entry - up to four entries per month*. All the money you save plus the dividends earned is yours to keep. An unlimited number of deposits is allowed, and no monthly fees!
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Save for 1 year
Save money for one full year while earning chances to win cash prizes. During your anniversary month, you can choose to keep participating by keeping the funds or all but $25 in the account or withdraw your funds and close the account.
Cash Prizes
State-Wide Prize Drawings
Prizes drawn for the Minnesota Credit Union Network (MNCUN) from entries from all participating credit unions:
- Monthly – 50 winners, $100 prize each
- Quarterly – 5 winners, $1,000 prize each
- Quarterly – 1 per Credit Union, $100 prize each
- Special Holiday – 2 winners, $1,000 prize each
- Annually – 2 winners, $5,000 prize
Magnifi Financial Member Drawings
Prizes drawn for Magnifi Financial members only:
- Monthly – 3 winners, $50 prize each
- Quarterly – 1 winner, $200 prize each
Account Requirements
To be eligible to win cash prizes, follow these account requirements:
- Must be a Minnesota or Wisconsin resident at the time of the drawings
- $5 minimum deposit to open, must be retained as long as the account is open
- One WINcentive account per person per participating credit union
- Must be in good standing with the credit union
- Business and trust accounts, or other non-consumer accounts, are ineligible
- Magnifi Financial board members are ineligible
- Must complete a participation agreement with the credit union upon opening the account
Prize Drawings Information
- Drawings are held on or about the 10th day of each month for the previous month and/or quarter
- Account holders are only eligible to win once per pool; example: if a member's account is drawn twice for the monthly drawing, they will only win one prize and another participant will be drawn
- Account must be open and active during the drawing period to participate
- Winners are chosen from qualified entries via an automated process through MNCUN
- Account holders may win more than one prize category within the same year
Withdrawal Limits
Account is subject to withdrawal fees if funds are withdrawn during the 12-month savings period
- First withdrawal (non-closure) from account will incur a $10 fee
- Second withdrawal (non-closure) from account will incur a $25 fee
- Third withdrawal will require account closure, no fee will be assessed
- Full voluntary closure and withdrawal of all monies will not incur a fee
If an account is closed, the member is ineligible to open another WINcentive account at the same credit union for 90 days and all earned entries are forfeited.
After 12 months of saving, member is permitted to make one penalty-free withdrawal from the account for a period of 30 days after the anniversary date.
*Account holders get a maximum of four (4) entries per month; a maximum of twelve (12) entries per quarter; and a maximum of forty eight (48) entries per twelve (12) month savings period.
Winners will be responsible for reporting and paying applicable state and federal taxes on prizes awarded.
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