Holy Rosary CU Offers Heating Club Account
The credit union has unveiled a home heating club account to help members save for their high home heating bills this winter. The account also offers additional perks, including a higher rate of return (4.0% APY) and built in conditions to ensure the funds are used for their intended purpose.
"We decided to take the traditional club account and re-vamp it to help our members," said HRCU Director of Marketing Danielle Lyczak. "Members can start putting money aside now, in a designated account, so that by November, when those high heating bills come in, there will be a pool of funds set aside to offset the increase."
HRCU considered offering a special loan for home heating but decided against it.
"Unlike a loan which costs money, the home heating club account offers a return on our members' money, a large return actually," said Lyczak. "The decision to create this account was based solely on what's best for the members. That's what credit unions are about."