Centier Bank has launched a new savings account that will give people who make deposits a chance to win cash prizes. A Region resident recently banked $10,000 as part of the incentive plan.
Merrillville-based Centier has rolled out Billinero, a digital-only savings account that enters everyone who makes a $25 deposit through the app an opportunity to win $1,000 a month or $10,000 a quarter in a raffle-like drawing. The mobile app is aimed at teaching people better financial habits at a time when 40% of Americans have fewer than $400 in their savings account and help them build their savings, as well as to expand Centier's market share in Indiana and business outside of Indiana.
Centier, which is the largest private, family-owned bank in the Hoosier state, is offering the gamified app to people who live in Indiana, Illinois, Arkansas, Connecticut, Kansas, Minnesota, Missouri, Nebraska, Oregon, South Carolina or Virginia.
“While Centier Bank will remain Indiana-based and is committed to our ‘Not For Sale’ promise, Billinero gives the bank the opportunity to show out-of-state clients what makes banking with Centier a special experience, while also helping nurture financial literacy and encourage savings with a fun, game-like approach,” Centier Bank President and CEO Michael Schrage said. “Billinero gives us the opportunity to expand our footprint beyond our existing markets. We are excited that this mobile application will bring awareness and tangible support for financial education.”
Centier Bank Senior Partner Chris Campbell said the digital-only prize-based savings accounts would benefit both customers and the bank.
“We want to expand our hometown banking feel to communities in and outside Indiana, and this is a new and interactive way in which to do so,” Campbell said. “You build up your savings account little by little, and you have the chance to win cash for doing so.”
Lowell resident and app user Cameron Blunt won the first quarterly Billinero prize of $10,000.
“I was so surprised to be named the first quarterly drawing winner,” Blunt said. “I would use Billinero regardless of the prize incentive, but that definitely helps motivate me to use the app, and therefore, I end up saving more.”
For more information, visit billinero.com.