PEFCU HELPS MEMBERS ACCELERATE THEIR SAVINGS

13 March 2009 3:00 p.m. Eastern
Nicole Thompson

PEFCU announces the launch of a product designed to provide members with an automatic savings program. The product, called Savings Accelerator, is a special share certificate that can be added to any new or refinanced PEFCU auto loan.

"The real benefit of this product is the rate structure," said Evelyn Royer, PEFCU vice president of risk management and support services. "What makes it unique is that the savings rate and term equals the approved loan rate and term. That means we are able to not only help members save, but we can also offer some incentive to those members who need it most."

The product is simple. When an individual opens a new PEFCU auto loan or brings an existing auto loan to PEFCU, he may choose to add the Savings Accelerator. At that time, the individual selects a monthly contribution amount—up to 10 percent of his monthly loan payment—for the share certificate. Each time a loan payment is made, an automatic transfer makes the loan payment and savings contribution.

"By the end of the loan, the member has substantial savings," Royer said. "The member is able to use the money however he wants—for a down payment on a new vehicle, for emergencies, or to open a another savings product."

For more information or to open a Savings Accelerator, individuals may contact a PEFCU representative by calling 765.497.3328 or 800.627.3328, or stopping by a PEFCU branch.