Credit Unions Must Apply By Friday to Pilot Nationwide Savings Rewards Program

A group of entrepreneurs is partnering with the Filene Research Institute to launch a nationwide savings incentive program called SaveUp. SaveUp offers possible cash prizes to members with savings accounts or loans, and it may present a legal alternative to credit unions in states such as Oregon that are currently unable to legally offer prize-linked savings programs.

Opportunities to be part of the pilot program will be awarded to 15 credit unions. The deadline to submit a notice of interest in piloting the program is today—Feb. 3. The notice of interest asks for only minimal information and can be filled out in just a couple minutes’ time.

“This program’s goal is to encourage Americans to save money, pay down debts and make positive changes to their financial behavior,” said Denise Gabel, Chief Finance and Strategy Officer for the Filene Research Institute. “SaveUp can integrate into your existing rewards programs or comprise an entirely new program. The product is targeted toward the young-adult market, a segment credit unions are struggling to engage with.”

SaveUp will offer prizes and financial literacy incentives, and every chance to win is free. The cost of prizes is being underwritten by sponsors and financial partners. The Filene Research Institute reports the pilot program will also be free to selected credit unions for a six-month period. The pilot group will be part of a national research study to determine whether the product has a positive result on consumers’ financial behavior and whether it drives business for credit unions.

The promoters report SaveUp is registered in all 50 states and that no special laws or legal exceptions are required.

Contact Matt Davis at the Filene Research Institute with immediate questions. Gabel will be on hand to answer additional questions about the program at the Leadership Symposium sponsored by the Northwest Credit Union Association in Portland on Feb. 10.

 

Questions or Concerns? Contact Matt Halvorson, Anthem Editor: mhalvorson@nwcua.org.

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