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The Bahamas P.O.Box CB-12407 Nassau New Providence The Bahamas The Bahamas

Holiday Savings Challenge

SAVE OVER $1,200 BY CHRISTMAS
WITH THE CFAL HOLIDAY SAVINGS CHALLENGE

 

DO MORE WITH YOUR MONEY FOR THE HOLIDAYS

Prepare for this year’s holiday expenses with a tried-and-true savings strategy – the CFAL Holiday Savings Challenge.

By making monthly contributions of $110 to your CFAL Holiday Savings account from January to November, you will save over $1,200 and earn 2.5% - 3.0% interest. With this plan in place, you’ll be ahead of the game when it comes to managing your spending during this special time of year.

As with last year’s challenge, if you make consistent deposits each month (with no breaks between deposits), you will be automatically entered into our $1,000 “Christmas bonus” giveaway!

Sign up now by completing these steps:

1. Review the challenge FAQs to learn more about how it works and what you need to do to apply.

2. Review the contribution schedule and set reminders for yourself to ensure that your monthly payments are consistent.

3. Collect and store pdf copies of the documents you need to participate in the challenge.

4. Make your initial contribution deposit to CFAL by online transfer to FCIB - 09706 (Main Branch) Account No. 201727189. Checking Account. CFAL Holiday Savings Challenge.

5. Click the link below and select “CFAL Holiday Savings Plan” in the drop-down menu. Complete the application form, then upload your required documents and proof of online transfer.

6. That’s it! Our team will contact you once your application has been processed.

With our 24/7 online account monitoring system, you can track your savings once your application has been processed and your first deposit has been received.

Let’s make this holiday season the very best by saving and planning for your success!

FAQs

Q: Can I deposit more than the monthly contribution? 

A: The challenge requires contributions of $110.00 per month. You may have up to three Savings Plans, so the maximum monthly contribution would be $330. If you would like to have more than one savings plan, please sign up once and put a "2" or a "3" after your last name. Eg. (Susan Smith 3)

Q: Do you accept cash?

A: Cash contributions are not allowed. Contributions can only be made via online transfer. FCIB - 09706 (Main Branch) Account No. 201727189. Checking Account. CFAL Holiday Savings Challenge

Q: What documents do I need to participate in the Holiday Savings Challenge?

A: Please sign up using our website www.cfal.com/savingschallenge. You will also need electronic copies of your Passport, NIB card or Driver's License and a current Proof of Address (recent utility bill, bank statement or purple voter's card). Adobe pdf format is preferred. Also, you will need to upload your proof of initial transfer ($110) along with your documents. Each participant is responsible for their own application and payments. Payments sent on behalf of others will not be accepted.

Q: When is the deadline to submit the application form?

A: The program begins January 3, 2023, and the absolute deadline to submit the application form is January 20, 2023. All initial payments must be made up front and uploaded along with your application by January 20, 2023.

Q: What happens if I miss a month’s contribution?

A: If you miss one or more payments, you will only receive credit for the money that you have contributed to the program. As well, you will not be eligible to enter the $1,000.00 Christmas bonus drawing on December 11, 2023.

Q: What happens if I decide I no longer wish to participate in the Holiday Savings Challenge?

A: If you no longer wish to participate in the Holiday Savings Challenge, the funds deposited will remain in the program until December 8, 2023. On this date, you will receive only the money that you have contributed, plus the interest earned.

Q: How often am I required to make contributions?

A: Contributions are made monthly ($110) by the 20th of each month..

Q: Is there an option for the savings to rollover into the next year rather than receiving the December 8, 2023 payout?

A: There is no rollover option. All funds will be paid out on December 8, 2023.

Q: Who do I contact if I have questions and concerns?

A: Please contact us at 502-7010 or via email at savingschallenge@cfal.com.

 Once you have made your deposit for the first month, apply for the Holiday Savings Challenge. 

Holiday Savings Challenge FAQs
Holiday Savings Challenge Contribution Schedule 2023