Save More, Gain More Savings Challenge

How it will work

• Members must register

• A unique share code will be created to store your Save More, Gain More challenge funds. This will be activated once you make your first deposit.

• Challengers should visit a preferred branch (Trident House, Bridgetown; Southern Plaza Oistins, Northern Business Centre Speightstown) to deposit funds into the Save More, Gain More Savings account

• Challengers can work towards hitting any desired savings bands but the minimum savings total for the challenge year is $1500. While it is recommended that challengers try to save at least $125 every month, deposit frequency and amounts are at the discretion of members and the minimum balance at each savings tier must be met to receive the stated savings interest rate.

• Winners will be selected quarterly to win $200 Credit Union Cash and the Grand Prize will be a weekend Staycation at the Sea Breeze Hotel.

 Download our Money Savings Tracker Document!

FAQs

Terms & Conditions

Timing - The challenge begins July 22, 2022 and ends July 22, 2023. By participating in the challenge, members understand that the BWUCCUL may contact them to notify of winning.  Winners must agree that The BWU Co-operative Credit Union may use their name and photo or likeness in future promotions.

Eligibility – Participants must be 18 years or older the time of the challenge to participate in the challenge and members accounts must be in good standing.  Monies being saved as part of the Save More, Gain More challenge will be directed to a special challenge ShareID account for easy tracking and to ensure special interest rates are applied to savings as detailed.

Participants may enter the Save More, Gain More Challenge by completing the challenge entry form and there are no fees for joining the challenge.  The competition is open to current and new members and challengers can enter the promotion up to June 30, 2023. To get a chance to win, participants must meet the stated challenge requirements.

Competition Requirements – Members will be required to hit the set savings target within the year of the promotion by making monthly deposits to the challenge share ID account each month of the challenge.  Members will not be allowed to withdraw funds from the challenge share ID account for the duration of the year challenge and interest rates will be paid on a Quarterly basis as per the detailed savings bands below

Each Challenger will receive the stated interest rates for each savings band, once they make a monthly deposit to their account.  Should a deposit not be made to the challenge account for more than a three-month period, the member will be withdrawn from the grand prize draw.

*Competition begins on July 22, 2022, and all Challengers must register and hit the overall savings target by June 30, 2023 to be entered into the Grand Draw!

When the total deposit amount exceeds $15,000, the additional funds will be placed in the members desired regular savings account and will attract regular credit union interest rates. The savings challenge will be a one-year promotion. At the end, interest rates would revert to the regular rates.

Prize -To eligible to win quarterly prizes, participants must have made a deposit to the account in the quarterly period preceding the draw. 3 winners will be drawn each month to win a quarterly prize of $200 credit union cash.  At the end of the year, a Grand Prize will be drawn for a Staycation for two.

Winner Selection – Participants will be only entered into the Grand prize draw if they meet all stated requirements and remain in the promotion for its full duration.  Every quarter, three (3) winners will be selected by random draw from the eligible participants.  Should no participants hit the set target, the grand prize will not be awarded.

The drawing will be performed by the BWUCUUL Marketing Department on or about the following dates

Prize Draw Dates:

• Q1- September 7, 2022

• Q2- January 6, 2023

• Q3 - April 5, 2023

Quarterly winners will be announced in the week following the draw.  The first three names will win.  Should a winner not be able to receive their prize for any reason an alternative winner will be drawn from the eligible pool.

The Grand Prize will be drawn two weeks after the competition comes to end on and about July 15 2023.  The winner will be announced in the following week.

Notification – Winners will be notified by telephone call and email within one of the completion of the drawing.  Any cash prize will be deposited to the winner’s eligible savings account.

All winners will be contacted by the Credit Union and advised on a suitable date to collect their prizes. All winners will be expected to participate in a photoshoot for the promotion. Photos will only be used on the promotional channels of the credit union as well as part of press announcements to showcase winners to the public.

All member data collected for this promotion will be stored for up to two years following the end of the promotion (June 30, 2025). Contact details may be used to share information on future member Credit Union promotions within this period. Data from this promotion will not be shared with any third parties.

For more information on the BWUCUUL Save More, Gain More Members Savings Challenge contact us at marketing@bwuccu.com.