American First Credit Union became one of the first credit unions in California to offer a Prize-Linked Savings account, also called Big Prize Savings. The new Big Prize Savings account is exclusive to American First offering cash prizes every month. It permits members with the opportunity to win cash prizes in addition to the money they are saving.
Research also states that 40% of adults are unable to cover a $400 emergency expense. Because of this and similar statistics, American First is an advocate for financial independence, designing the Big Prize Savings Account to create financial stability and promote savings.
The Start of Big Prize Savings
Big Prize Savings launched February 1, 2019 and allows members to win up to $50,000 just by saving their money. Members who participate in the program may have the opportunity to win $1,000 every month, $10,000 every quarter and $50,000 every year.
“The driving force behind Big Prize Savings is to help members save in a fun and rewarding way, and to help develop a good financial habit of saving money,” said Jon Shigematsu, President and CEO of American First Credit Union. “Caring for our community is a core value of American First, […] our financial solutions are planned with our member’s in mind and their financial goals as priority.”
SB 1055 was signed by Governor Jerry Brown on October 22, 2018, making Prize-Linked Savings Accounts legal in California. American First Credit Union is one of the first California financial institutions to offer this type of account.
How to Open an Account
In order to become open the Big Prize Savings account, an individual needs to be 18 years or older. Members pay no fee for the savings account and are able to accrue interest. A minimum amount of $500 in the account must be available every day of the month in order to earn an entry for every $25 average monthly daily balance. The more money members save the more entries they have, there’s no limit on entries they can earn.
For more information about Big Prize Savings, please visit BigPrizeSavings.com.
