The GRAD or "Getting Ready for a Degree" account is used to for education expenses. Members saving for a home purchase can open the HOME or "Home Ownership Made Easier" account and the PACE or "Planning Ahead for a Cash Emergency" is used for unexpected situations.
With the new savings accounts, eligible members will earn a dividend rate 1% higher than the credit union's 12-month certificate of deposit. A representative will work members to create a customized plan based on their current financial status and goals. As an incentive, the first 100 members that enroll and deposit $500 in one of these accounts will receive an automatic bonus of $100, according to Personal Care America FCU.
"The credit union is committed to strengthening the financial welfare of our members and we are proud to be able to offer these exceptional new products," said John Keet, president/CEO of Personal Care America FCU. "We believe they are unique to the industry and the only of their kind in Connecticut."
The $12 million credit union serves more than 3,000 members.
--msamaad@cutimes.com
