When David Tran woke up on a hot July morning, he never expected Neighborhood Credit Union leaders would present him with a $10,000 check.
"David Tran shows it is never too early to start saving money," Carolyn Jordan, svp at Neighborhood CU said. "We hope to see more of his peers follow his lead and save for a successful future."
Dallas-based Neighborhood Credit Union drew Tran's name from the ranks of its Prize Savings Account holders. Neighborhood Credit Union established the Prize Savings Account in 2008 to encourage people to save more money, at a time when the personal savings rate had dropped to one of the lowest levels in U.S. history, particularly among young people.
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The more a person has saved in his or her Prize Savings Account, the more chances to win a prize. Neighborhood CU awards a variety of prizes throughout the year, including quarterly $10,000 prizes and a $25,000 grand prize at the start of each year.
"I have won $5 in the past, so I knew it was possible to get a prize from Neighborhood CU," Tran, a 31-year-old engineer said. "Of course, I never imagined winning $10,000!"
Tran became a member of the credit union at the end of 2011. He explained that he found out about the credit union through an online search for a financial institution with good savings rates. He opened his account online and conducts nearly all of his financial services online. A diligent saver, he automatically transfers a portion of every paycheck into his Prize Savings Account.
"It's always good to have money put away, because you never know when something might happen," Tran explained. "In my case, I am saving up to buy my first house. This $10,000 prize is certainly going to help me get there faster."
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