BREA, Calif., Jan. 23, 2020 /PRNewswire/ -- American First Credit Union will award one member $50,000, its grand prize in their newest savings program named Big Prize Savings.
The program is designed to promote and increase members' saving habits by offering a chance to win cash prizes just for saving their money. The program started in February 2019 and has presented monthly $1,000 and quarterly $10,000 awards in addition to the grand prize. The Credit Union will celebrate the winner of its largest cash prize yet at its newest branch located at 4180 N. Harbor Blvd. Ste. A in Fullerton, CA on January 27th at 5:00 p.m.
At the end of each month, Big Prize Savings accountholders who maintain an average daily savings balance of $500 or more for that month receive one entry for every $25 saved, so savers who add more to their account earn more chances to win. A saver with a daily average of $500 saved in a month will receive 20 entries whereas someone who saves $600 will receive 24 entries for the cash prize drawings.
Programs like Big Prize Savings are new to California. Generically called prized-linked savings, American First Credit Union's program is one of the first in the state. Governor Brown signed SB 1055 into law in September of 2018, allowing qualified California credit unions and banks to offer prize-linked savings accounts in 2019.
"We value the wellbeing of our members, and this program reflects that," said Jon Shigematsu, CEO and President of American First. "We reward people for saving their money and ensure they're on a financially successful path."
For more information on Big Prize Savings, visit www.amerfirst.org.
About American First Credit Union
American First Credit Union is a member-owned, full-service financial cooperative established in 1952. Originally the credit union for grocery store workers, AFCU now serves more than 38,000 members. We welcome individuals who live, work, worship, or attend school in the Orange, Riverside, or San Bernardino Counties and 14 nearby qualifying cities. To learn more about American First Credit Union, call 800-290-1112, visit www.amerfirst.org or follow us on Facebook.
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SOURCE American First Credit Union