iStock illustration

Fall River-based BankFive is adding a bit of chance to one of its savings account product.

The bank announced yesterday that its new “Lucky Piggy” savings account tries to make the act of saving money exciting with monthly cash prizes.

With BankFive’s Lucky Piggy Savings, account holders earn one entry per drawing for each $25 deposit increase in their month-end balance (excluding the amount of any monthly or annual prizes). One $500 cash prize is drawn each month and the annual prize of $1,000 will be drawn in January each year.

The cash prize is automatically deposited into the customer’s account. Savers are allowed one penalty-free withdrawal per month. A $5 withdrawal service charge applies to second and third withdrawals. Upon the fourth withdrawal, the account will be converted to a statement savings account.

“Over the last two years, I’ve participated in ongoing Savings Innovation Convenings held by Federal Reserve Bank of Boston and Commonwealth, a Boston-based nonprofit committed to expanding financial security,” Catherine Dillon, BankFive’s senior vice president and director of marketing, sales and business development, said in a statement. “Managing finances and saving for the future can be daunting. The Lucky Piggy prize-linked savings account, is a fun way to help our customers build savings. Helping our neighbors with their financial well-being is true to BankFive’s mission.”

The Federal Reserve found in 2017 that nearly four out of 10 adults were unable to cover a $400 unplanned expense without borrowing money or selling something. According to Prosperity Now’s Scorecard, 35.3 percent of Massachusetts households are living in liquid asset poverty, meaning they do not have enough liquid savings to cover three months’ expenses if they were to lose their job.

Lucky Piggy Savings accounts can be opened at any BankFive branch or online at bankfive.com/luckypiggy.