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    What is WINcentive® Savings - Frequently Asked Questions

    First Alliance Credit Union

    First Alliance Credit Union About The Author

    Jun 1, 2017 7:34:32 PM

    At First Alliance Credit Union, we love to see our members making smart financial decisions, such as building up their savings. This is why we are proud to offer WINcentive® Savings Accounts. 

    WINcentive Frequently Asked Questions

    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.

    Still have questions? Check out some of our WINcentive® frequently asked questions to find out what is WINcentive Savings all about!



    WINcentive® Savings from Minnesota Credit Union Network on Vimeo.

    How does it work?

    A WINcentive® account is a savings account with an incentive, designed  to foster a regular habit of savings. For every $25 month-over-month increase in your balance, you earn one entry into the monthly, quarterly and annual state prize drawings. There is no minimum number of deposits required, but there is a maximum of 4 entries per month per member per participating credit union account, and a maximum of 48 earned entries per year. 

    Prize Drawing Schedule

    Prize Drawings

    Number of State Wide Winners

    Prize Amounts*

    Drawing Dates




    10th of each month




    10th of April, July, October, & January




    January 10 of following year

    Total in 2017




    What kind of account is WINcentive®? 

    WINcentive® is a prize-linked savings account that offers you the chance to win cash prizes from a state-wide prize drawing in addition to earning regular interest. It requires only a minimum opening of $5 and allows unlimited number of deposits during the 12-month term.

    What are the chances of winning a prize?

    Chances are very good! WINcentive® Savings Accounts are available exclusively to credit union members in Minnesota. There is a statistically equal chance that every participant, regardless of where your credit union is located or its size, will have a fair chance of winning a prize, based on the random generator in the software that will be used.

    How can I sign up for a WINcentive® account?

    Account holders must be a Minnesota resident, and a member in good standing of First Alliance Credit Union. Joint consumer accounts are eligible to participate. Non-consumer accounts are not eligible.

    What minimum balance am I required to keep in the account?

    There is a $5 minimum balance requirement to keep a WINcentive® Savings account open.

    Is there a monthly service fee for the account, or if the balance drops below a certain amount?

    No! There are no monthly service fees for this account.

    What is the interest rate on a WINcentive® account?

    The applicable interest rate is disclosed in the WINcentive® Savings Truth in Savings (TIS) Disclosure and on our savings accounts rates page.

    What are the requirements to open an account and win prizes?

    In order to participate in the program and be eligible to win prizes, an eligible account must be open through the drawing period. You must also be a resident of Minnesota and be a member with a regular share account (the account which qualifies the individual for credit union membership), in good standing in the participating credit union. For every $25 increase in your month-over-month balance, you will earn 1 entry into the upcoming monthly, quarterly, and annual drawing (up to 4 entries per month).

    What if I cease to meet the account eligibility requirements, if I am no longer in good standing, or move out of state?

    If you are no longer a state resident, or are no longer in good standing at your credit union, you are no longer eligible to participate in the prize drawings.

    Can I have more than one WINcentive® account?

    No. Accounts are limited to one per person per participating credit union. Members of the same household can have one WINcentive® account each as long as they meet other eligibility requirements.

    Can someone under 18 open this account? Can I open a WINcentive® account if a child is a joint account holder?

    Yes! At least one account holder must be 18 or older, or an individual minor may hold an account so long as a parent/guardian executes the participation agreement on the minor’s behalf.

    Can I make withdrawals?

    You can make two (2) withdrawals during a 12-month period for a $10 and $25 fee respectively. If a third withdrawal occurs, the account will be closed and all entries earned up until that point are forfeited. If you complete 12 months of savings, you will have a 30 day window in which to make one withdrawal in any amount, penalty free.

    If I close my account and want to open a new account later in the year, is there a waiting period?

    Yes, 90 days.

    Do I need to keep the account open a certain amount of time?

    Yes. The account is designed to encourage 12 consecutive months of savings, and there are penalties for withdrawals during the 12 month period. To be eligible for prizes, the account needs to be kept open through the drawing period in order to maintain eligibility for the subsequent drawings as they occur.

    When does the account have to be open in order to be eligible to receive a prize?

    An account has to be opened during the drawing period in order to be eligible to receive a prize. The monthly drawings will be conducted on or about the tenth day of a month once the previous month’s entries are received, so the January monthly drawing would be performed on or about February 10th. For a member to be eligible for a January drawing prize, they would need to have their account open through the last day in January. The same applies for the quarterly prize drawings, which are held in the months of April, July, October and January. For a member to be eligible for the annual “grand” prize drawing, the account must have remained open through the end of December.

    Are credit union employees and/or their family members eligible to win prizes?


    Can my regular Savings Account be a WINcentive® Account?

    No, a WINcentive® Savings account is a separate account from your regular savings account.

    We do our best to provide helpful information but we cannot guarantee the accuracy or completeness of the information presented in the article, under no circumstance does the information provided constitute legal advice. You are responsible for independently verifying the information if you intend to use it in any way. Additionally, the content is not intended to be reflective of First Alliance Credit Union’s products or services, for accurate and complete details about our product and service information you must speak to an advisor at First Alliance Credit Union.