DALLAS–Following passage of an amendment to the Texas Constitution that will allow prize-linked savings accounts, Neighborhood Credit Union here announced it will be expanding its own Prize Savings Account.
Texas voters approved Proposition 7, which allows financial institutions to offer prize-linked savings accounts in a raffle-style approach. The accounts are already available in numerous other states.
Neighborhood CU already conducts drawings for $10,000 for members as the result of its ongoing savings promotion. Most recently, as CUToday.info reported here, the CU gave away $10,000 to a member on International Credit Union Day.
NCU has been offering its Prize Savings Account for a decade, and each year said it rewards more than 2,400 of its members with more than $100,000 in total cash prizes each year.
“This will allow us to better serve our members and encourage them to get in the habit of saving,” said Chet Kimmell, president of Neighborhood Credit Union, in a statement. “Our members will earn a market rate of interest on their savings account while at the same time having a chance to win a fantastic cash prize. This is a great start as we begin to celebrate the 10-year anniversary of our Prize Savings Account.”
Here is more information on the Prize Savings Account.