RALEIGH, N.C. — State Employees Credit Union announced the introduction of a new Bridge Account to complement its existing Brokerage Services and online Financial Assessment Tool.
The NCUSIF-insured Bridge Account reinforces the importance of saving and educates members on stock market investing, while providing members a way to accumulate the $3,000 needed to open a brokerage account.
The account features a low minimum deposit of $25 and a maximum balance of $3,000. Dividends paid on Bridge Accounts will be based on the quarterly change in the S&P 500(R) Index for a maximum quarterly dividend of 3% (12.00%APR/12.55%APY). However, unlike stocks, no losses will occur if the market returns are negative. SECU said the ultimate goal is to help members create long- term wealth.
SECU Senior Vice President of Investment Services Joan McCool said, "SECU is pleased to offer this unique account in order to help members accumulate long-term savings and expand their investment options. The Bridge Account will allow members to participate in market returns without the associated risk, resulting in a win-win option for SECU's members."
In the first month, 1,174 accounts were opened generating $1,662,290 in deposits.
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