Play to Save
Is Saving Money Your Weakest Link? Phone a Friend and call BHCCU to Lock It In. Let BHCCU's 52 Week Challenge be Your Final Answer! It starts January 1st, but you can join anytime.
Start a 52 Week Challenge Savings Account Today
It's Effortless!
- Open a 52 Week Challenge Savings Account and deposit $1.
- On week two we will automatically move $2 into your Challenge Account, $3 on week three and so on until 52 weeks when you will have a balance of $1,378 plus interest.
- By participating you are automatically entered for the chance to have your Challenge Account money doubled!
- For every automated deposit made, members obtain an entry in the drawing to double their money.
Frequently Asked Questions
WHAT IS THE CHALLENGE CLUB?
The Challenge Club is a tool for members to build a savings account. It’s meant to make saving easy because it starts small and builds. In a one year period, on a weekly basis, the member makes a deposit that incrementally steps up by $1. So, week one is a $1 deposit, week two is a $2 deposit, week three is a $3 deposit, and it keeps building to week 52, which is a $52 deposit. A full year of deposits ends with $1,378. Because this is a club account, when we reach the end of the year, we also reach the end of the club, so the balance in the account is transferred to the account the member designated at account opening. Then, the club account is set back to zero to start again for the new year.
The Challenge Club is a tool for members to build a savings account. It’s meant to make saving easy because it starts small and builds. In a one year period, on a weekly basis, the member makes a deposit that incrementally steps up by $1. So, week one is a $1 deposit, week two is a $2 deposit, week three is a $3 deposit, and it keeps building to week 52, which is a $52 deposit. A full year of deposits ends with $1,378. Because this is a club account, when we reach the end of the year, we also reach the end of the club, so the balance in the account is transferred to the account the member designated at account opening. Then, the club account is set back to zero to start again for the new year.
WHAT KIND OF ACCOUNT IS IT?
The account type is S06 and there can only be one Challenge Club account per member.
The account type is S06 and there can only be one Challenge Club account per member.
WHAT DIVIDEND RATE DOES IT HAVE? AND, HOW DOES IT WORK?
To help encourage and reward savers throughout the year, the interest rate is 3.00% Annual Percentage Yield (APY). However, in order to discourage members from simply depositing money in this account in order to earn the high interest rate and not actually participating in the program, the interest rate is tiered to only pay 3.00% on the amount of the scheduled balance for that corresponding week. For example, on week one, the account is set up to pay 3.00% on a balance of $1, on week two the account is set up to pay 3.00% on $3, all the way to week 52 when the account is set up to pay 3.00% on $1,378. If more than the scheduled amount is deposited, the money will earn .10% APY. This information is included in our Truth in Savings Disclosure.
To help encourage and reward savers throughout the year, the interest rate is 3.00% Annual Percentage Yield (APY). However, in order to discourage members from simply depositing money in this account in order to earn the high interest rate and not actually participating in the program, the interest rate is tiered to only pay 3.00% on the amount of the scheduled balance for that corresponding week. For example, on week one, the account is set up to pay 3.00% on a balance of $1, on week two the account is set up to pay 3.00% on $3, all the way to week 52 when the account is set up to pay 3.00% on $1,378. If more than the scheduled amount is deposited, the money will earn .10% APY. This information is included in our Truth in Savings Disclosure.
WHAT IF MEMBERS WANT TO DO THE PROGRAM BACKWARDS (BEGINNING WITH $52 PER WEEK AND GOING DOWN)?
That’s okay; however they will have to make their own deposits (no automatic transfers) and they will still earn dividends according to the original schedule.
That’s okay; however they will have to make their own deposits (no automatic transfers) and they will still earn dividends according to the original schedule.
HOW DO MEMBERS MAKE DEPOSITS?
We have a payroll EFT transfer that members can sign up for to have automatic transfers made to the account. Members just need to complete a payroll card with a Teller or MA. The transfers will occur before noon on Fridays. If funds are not available in the transfer account, the transfer won’t happen. Deposits can be made in person at a branch, by phone through a transfer, online through a transfer and on mobile through a transfer.
We have a payroll EFT transfer that members can sign up for to have automatic transfers made to the account. Members just need to complete a payroll card with a Teller or MA. The transfers will occur before noon on Fridays. If funds are not available in the transfer account, the transfer won’t happen. Deposits can be made in person at a branch, by phone through a transfer, online through a transfer and on mobile through a transfer.
CAN MEMBERS USE THE ACCOUNT TO OVERDRAW TO ANOTHER ACCOUNT?
No.
No.
CAN MEMBERS MAKE WITHDRAWALS AND TRANSFERS FROM THE ACCOUNT?
Yes; however that is not the purpose of the account.
WHAT IF MEMBERS START THE ACCOUNT MID-YEAR?
It’s ideal to start the account at the beginning of the year; however we can open it at any time of the year. There are choices for these members. They can start with a catch-up deposit to get their account to the scheduled amount for the year and then sign up to have the automatic transfers that are already in progress. Or, they can sign up to have automatic transfers that begin with $1 and progress in the time left for the year, but won’t equal $1,378 at the end of the year. Or, they can make deposits on their own.
HOW DOES THE DRAWING TO MATCH THE FUNDS AT THE END OF THE YEAR WORK?
All members with a Challenge Club account are put into a drawing to double their Challenge Club account balance (up to $1,378) at the end of the year. For every deposit made, members are given an entry into the drawing. They do not have to complete the challenge (meaning have the full $1,378 in their account) to be in the drawing. Employee accounts will be in a separate drawing.
All members with a Challenge Club account are put into a drawing to double their Challenge Club account balance (up to $1,378) at the end of the year. For every deposit made, members are given an entry into the drawing. They do not have to complete the challenge (meaning have the full $1,378 in their account) to be in the drawing. Employee accounts will be in a separate drawing.
Ready to get started?
Already have an account, but want to add the 52 Week Savings Challenge? Give us a call at 800.779.5555 to get it set up.
Federally insured by NCUA. *APY=Annual Percentage Yield and is accurate as of 12/15/23. $1 minimum to obtain APY. One challenge savings account per member. Fees could reduce earning. No purchase necessary. Sweepstakes odds depend on number of entries. For every automated deposit made, members obtain an entry in the drawing. Sweepstakes ends December 31, 2024. Sponsor: Blackhawk Community Credit Union, PO Box 5366, Janesville, WI 53547 Winner must claim prize in person at 2640 W Court St, Janesville, WI 53548 during open branch hours.