GRAND Makes Saving Fun By Giving Away Life Changing Amounts of Money Weekly; Every Dollar Saved is an Entry to Win
GRAND, a prize-linked savings and investment service, today launched online and on Apple’s App Store. On a mission to make saving money fun through a unique prize-linked savings approach, GRAND holds weekly cash prize drawings where every dollar a user saves that week is an entry to win. There is one grand prize weekly winner and thousands of additional small prize winners. In conjunction with the launch, active users are immediately entered to win a cash prize of $25,000, GRAND’s first life changing giveaway.
According to the Federal Reserve, the average American has less than $4,000 in savings, and 57 percent of Americans have less than $1,000 saved. With one-fifth of Americans not contributing to their savings, GRAND’s Founder and CEO, Matt Cohen, saw an opportunity to inject excitement and instant gratification into an activity that, until now, has been boring and ungratifying: saving money.
The intuitive website and mobile app are simple and easy-to-use, and GRAND conveniently connects to every U.S. bank. Consumers securely link their checking account to GRAND and can instantly begin saving, with the option to automate an amount to save weekly, or manually saving whenever they want. There is no weekly minimum to save and users can withdraw their funds at any time. GRAND accounts earn 1 percent interest, which is 10x the national average interest. Users’ savings are safely stored in an FDIC-insured bank account, which protects users’ sensitive information through bank-level encryption. Additionally, users have the ability to have GRAND invest their savings in a traditional investment or retirement account.
“As an impact investor and venture capitalist paying close attention to consumer behaviors, I was always shocked by the fact that Americans spend over $70 billion on lottery tickets every year, yet have virtually nothing in their savings accounts,” said Cohen. “I felt there was an opportunity to help people start to save, so we created a nationwide ‘can’t lose lottery’ that combines the intelligence and sophistication of the best personal finance products, with the fun of having a chance to win life changing amounts of money.”
GRAND truly makes saving money fun. Every week, users are automatically entered to win cash prizes, with each dollar saved counting as an entry to win. Winners are selected at random and cash prizes are automatically deposited into their GRAND account. Anyone can benefit from GRAND, whether they are saving toward specific milestones such as an engagement ringor vacation, or strategically storing money for retirement, they will enjoy the thrill that comes with saving to win.
GRAND is free for the first month to help consumers build their savings. Following the trial, GRAND charges $2/month.