PORT HURON, Mich. E&A CU has launched what it calls the “Bonus Bills” savings account, which will reward teen savers with monthly and yearly prizes based on the total net increase in the teen’s savings account has each month.
The program is open to teens, ages 13-19. The account requires no monthly fees.
At the end of each month, the credit union will hold a raffle for qualifying teens. Monthly prizes are $50 Visa Gift Cards. Once a year qualifying teens are entered in a raffle for a free laptop. E&A said the prizes help to show teens there are rewards for saving, and the lessons learned by putting money into savings will last a lifetime.
In order for the teens to qualify for the monthly and yearly drawings, they must open a Bonus Bills savings account at E&A. With a low, $5 minimum balance required, the program is accessible to any teen who wishes to join.
Prizes are awarded based on net increases of $25 in the account balance each month. Teens may be entered up to 20 times a month, and up to 240 times for the annual prize, with all monthly entries added to the total number of entries the teen has for the grand prize.
