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We’ve heard the bad news: The American Dream is a myth. The middle class is all but disappearing. And about half of all Americans have less than $400 in their savings accounts in case of an emergency or unexpected expense, according to the Federal Reserve. The world is rapidly changing, and not always for the better.
But there’s reason for optimism. Consider this. You can open a savings account in a credit union today (for as little as $25), build it up to $500—and that alone would put you above half of Americans. There’s an enormous feeling of relief knowing you are already ahead of most people.
And then imagine that just by creating that account and keeping $500 in it for a month or more—you could have a chance to win $1,000. Every month. And $10,000 every quarter. And $50,000 every year.
A chance to not just have an emergency fund, but a chance to have extra. A chance to win every month, every quarter and every year that you maintain a savings account with a $500 balance.
That is what American First Credit Union in Los Angeles is doing for its customers. Giving them not just the chance to win $1,000 every month—but the chance to win $10,000 every quarter and $50,000 every year. Big Prize Savings is an ongoing chance to win that you can be a part of starting today.
Having $500 tucked away in a credit union brings a certain amount of peace of mind. But it also brings a chance to get even beyond that. A prize-linked savings account automatically enters every customer to win. One entry for every $25 in the account. The more you save, the more chances you have to win.
You might not know that a “prize-linked savings account” is a thing. It was actually an Act of Congress passed in 2014 in order to encourage Americans to save more. Called the American Savings Promotion Act, it allows qualified banks and credit unions to establish this prize system, known as prize-linked savings, for members with savings accounts. American First Credit Union is using this system to do exactly what the Act of Congress was intended for—to get people to save money, to have money for emergencies and more—and to have a chance to envision what they might do with an unexpected windfall. American First Credit Union gives away more than $100,000 every year to members with savings accounts. And the more you save, the more chances you have to get a piece of that pie.
Here’s how it works. To be eligible to win, you have to have an average monthly balance of $500 in your American First savings account. At the end of each month, people with that balance are automatically entered to win—and not just once. You get an entry for every $25 in your account. So let’s say you have $550 in your savings account—that’s 22 entries every month to win a $1,000 cash prize.
And don’t worry if you don’t have $500 already set aside. Even though you have to have $500 to be eligible for a prize, you don’t need $500 to open an account. You can start saving with just $25, and work up to the $500 prize-linked savings minimum over time. Start somewhere, start anywhere.
It’s real, hard-working people just like you who are the recipients of this prize money. A recent winner of a $1,000 prize was Arturo from greater Los Angeles. Arturo is the father of nine, grandfather of 35. He’s going to use the money to take all 45 of those family members out. It’s something meaningful to him.
Imagine what might be most meaningful to you if you had an extra $1,000? A chance to get away, or the ability to buy things for the people you love? More towards your child’s education, or just a chance to splurge? Or maybe you would just continue to save, and a little extra cash would get you that much further ahead.
It’s been said that all you need for happiness is something to look forward to. Imagine looking forward to how you might spend an extra bit of cash prize—or even just looking forward to knowing you have a savings account that will be there when you need it. An account that puts you ahead of most Americans and helps you build a real safety net.
No matter how you look at it, that’s a win.
Check out American First Credit Union’s Big Prize Savings today.
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This post is sponsored by American First Credit Union.
Photo: iStock