With the rising cost of living, it is becoming more and more difficult for consumers to save money. While many consumers have a savings account, most do not have enough saved for an emergency, never mind retirement. As prices and rates continue to climb, the time to save has never been more evident. What if your financial institution offered a product that not only assists in saving, but also encourages savings growth? I bet that sounds great, but what’s the catch? There is no catch, and it gets even better! Here at Dutch Point Credit Union we offer a product that offers all of these bonuses, and also enters you into a drawing to WIN monetary prizes!
The Save to Win Certificate of Deposit (CD) is a product we offer here at Dutch Point, along with various credit union’s across America. This is not your typical CD, nor does it function as a typical CD. The deposit requirement is minimal at $25, and each $25 deposit also enters you into a drawing where you can win one of up to 150 monthly $25 prizes. Each time your balance increases by $25, you get an additional entry into the monthly drawing, up to 10 entries per month. If that isn’t enough, there is still more this has to offer! Every $25 deposit also enters you into a quarterly drawing, where you can win up to $5,000!
The small minimum requirement makes this CD a valuable and more attainable way to save. You can deposit as little or as often as you’d like throughout the 12-month term of the CD. Since this CD isn’t like a traditional CD, you can also withdraw from your Save to Win CD. With the ability to withdraw you may be thinking, how does this encourage me to save? Have no fear, we have that covered too! While it sounds like a hefty fee (because it is to encourage you to save), there is a $25 fee to withdraw from the CD. You are limited to one withdrawal from the CD during the 12-month term. If you choose to make a second withdrawal, it is required the CD be closed.
Saving money may appear an impossible task, however, saving small amounts will eventually add up. Saving $25 each week, or even each month, is saving more than you would by not saving at all. The point is, it doesn’t matter how much you put away. The key to saving is to continue to save, and use various products and services to your benefit to increase your savings. The Save to Win is monitored across all Credit Unions that participate, making it so that each individual person can only have one Save to Win. Even if you have an account at another Credit Union, you cannot open a Save to Win at each institution to gain additional entries. If you do, please make note that the CD with the first open date is the only CD that determines drawing entries.
Chances of winning depend on the number of entries, however, whatever funds you have deposited remain on deposit until you request a transaction. Employees and family members of employees of all Credit Unions that participate are ineligible to open a Save to Win, increasing your chances of winning. Drawings are held on the 14th of the month, and winners are notified by the Credit Union directly. Quarterly winners are chosen in January, April, July and October, and are also notified by the Credit Union. There are more than 100 credit unions that participate in Save to Win, and we have had many winners here at Dutch Point! To date, we have awarded approximately $6,500 in prize money to approximately 120 winners!
What is stopping you from being our next winner? Open a Save to Win by visiting your local Connecticut Dutch Point Credit Union branch, or by contacting us at 860-563-2617.