SAN ANTONIO -- H.E. Butt Grocery Co. here added an interest-bearing savings option to its prepaid Visa card, according to the company.
The new H-E-B All-Access Visa Card was rolled out chainwide earlier this year, and the savings program was added this month.
"H-E-B customers can now allow their funds to accumulate interest in a savings account without having to go through a bank," said Michael Poirier, director, H-E-B Services Co., in a statement. "We're offering them an easier process that is backed by the reputation and reliability of H-E-B."
The card was developed in partnership with Inter National Bank, McAllen, Texas, and NetSpend Corp., Austin, Texas.
"Within a couple days of turning on the savings functionality online, thousands of cardholders have registered," said Bertrand Sosa, co-founder and vice president of advertising and brand development, NetSpend.
The card, which bears H-E-B's logo, is purchased for a $9.95 fee at the chain's in-store business centers. The All-Access Savings program segregates funds from the prepaid Visa accounts to earn interest in Federal Deposit Insurance Corp.-insured accounts.
Customers pay set fees for card transactions, ranging from $1 for purchases to a $7.95 monthly fee for unlimited use. The cards will eventually be tied to H-E-B's loyalty program.