According to America Saves, only two out of five households are making “good” progress in achieving their savings needs. Insufficient savings is a growing trend in our society, and we want to change it. Setting a little extra cash aside for an emergency fund or stowing away money in a retirement account may seem like simple tasks, but we know the toll it can take when living from paycheck to paycheck – that being said, we also realize it’s importance.
Saving is more than just a financial task, it’s a state of mind. It doesn’t happen overnight, it’s a gradual process that is built over time. Setting aside extra cash does not mean giving up half a paycheck. Extra cash can be as much or as little as $25, which is an amount that will make a build-up and make a difference over time.
Realizing this, in 2016 we set out to develop a product that was a fun way to help our customers begin the gradual process of saving regularly. The FirstPrize $avings account was launched in October and has been a success since. Account holders are encouraged to save $25 deposits and resist the temptation to withdraw it. Customers who successfully make eligible deposits are entered in a drawing for $1,000 – which is put right into their account.
Saving isn’t always the most exciting topic of conversation. We’re hoping that through efforts like the FirstPrize $avings account, we can change the trend of setting extra cash aside in our local area and helping everyone make better progress in achieving their savings needs.