| Credit Union : | Prince George's Community |
|---|---|
| Assets : | $109,000,000 |
| Address : | 14450 Old Mill Road | Upper Marlboro, MD 20772 |
| Start Date : | January 1995 |
Rates, Fees, and Terms :
- Tiers and deposits are as follows:
- $10,000 $156.31/month $71.59/bi-weekly
- $ 5,000 $ 79.70/month $36.50/bi-weekly
- $ 3,000 $ 48.37/month $22.15/bi-weekly
- Rates are tiered based on amount and as of March 2010 were:
- < $2,500 1.0% APR
- $2,500 – $5,000 2.0% APR
- $5,000 – $7,500 2.5% APR
- $7,500 – $10,000 3.0% APR
- All deposits must be through automatic transfer, payroll deduction, or ACH
Vendors/Systems Used :
No special technology is necessary
Target Market :
New and existing members who wish to save for a goal over a 5-year period.
Marketing Strategy :
The credit union’s website, newsletters, word-of-mouth.
Program Results/Statistics :
- 1,838 Pot of Gold Accounts
- $7,288,327 total
Member Benefits :
Besides an automatic and easy savings method for members, members are able to borrow against their Pot of Gold funds.
Additional Information :
Originally, Prince George’s Community FCU designed the Pot of Gold (POG) account to help those members who didn’t have a large sum of money to put into a certificate. But it is used by all members for various reasons. The monthly or bi-weekly payments combined with the tiered interest rate ensure members reach their goal within the 5-year period. “The program is extremely popular with our members,” says Polly Quinn, VP marketing and business development. “People want to save and given the right tool, they are able to reach their goals.”
When the program was initially launched, it was only available the first quarter of each year. “It has become so popular,” says Quinn, “that we now offer it all year. Our members ask about the POG by name and if the product was discontinued, our members would become very disgruntled.” Quinn concludes, “The POG has been one of those products that sells itself and has members talking.”
