LOWELL, Mass.–Jeanne D’Arc Credit Union said it will begin offering a prize-linked savings account effective with the new year.
Effective Jan. 1, such savings accounts will become available in Massachusetts for state residents, after having become available under a variety of names across the country.
In Jeanne D’Arc’s case, it will offer the WinStrong Savings Account. For each $25 increase in a member’s savings balance each month, the member will receive one prize drawing entry into monthly, quarterly, and annual drawings, with a maximum of four entries per month. Prizes will include five $50 monthly prizes, two $500 quarterly prizes, and one $5,000 annual prize.
“There’s nothing to lose with a WinStrong Savings Account,” the credit union announced. “All of the money deposited remains with the account holder and as a bonus, they receive entries qualifying them for a chance to win cash prizes, so members can save big and win bigger!”
Jeanne D’Arc CU said the goal of its new offering, similar to that of other prize-linked products, is to incent those who may not normally be savers to take a new look at how they might change their saving habits.
‘Engagement and Excitement’
“We want to encourage members to save money and help them develop good budgeting habits while bringing a little engagement and excitement to the process,” said CEO Mark Cochran. “Members will have the satisfaction of watching their money grow and experience the thrill of the prize drawings.”
For more details about opening the WinStrong Savings Account visit JDCU.com/winstrong.