TRUMBULL, Conn. — Hopeful of setting an industry trend, a small Connecticut credit union, Personal Care America FCU, is introducing this week what it calls a “unique” combination of savings products linked to a 1% rate bonus.
“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, the only one of their kind in Connecticut,” said John E. Keet, Jr., president/CEO, in detailing the offerings aimed at bolstering members facing “life altering events.”
The three products each targeted at slightly different audiences “to help them put money aside for large personal expenses” are named “G.R.A.D.- Getting Ready for A Degree,” “H.O.M.E.- Home Ownership Made Easier” and “P.A.C.E.- Planning Ahead for a Cash Emergency.”
Each of the savings accounts contains a dividend rate 1% higher than the traditional 12-month certificate of deposit and all carry usage qualifiers designed to “help avoid financial hardship such as credit card debt.”
For example, P.A.C.E. provides a way for members “to save money for unexpected cash emergencies that might otherwise deplete traditional savings accounts or be paid with credit cards” but stipulates the money can be used only for events “such as job loss, auto or home repair, and family illness.” The $12 million CU said that each member who enrolls “will meet with a credit union representative to assess their current financial status and goals.”