Auto/Savings Product Touted by Filene’s i3 Innovators

DALLAS – An auto/savings account that forces borrowers to save at the same time they make a car payment was among this year’s innovations eyed for the credit union market by the Filene Research Institute’s i3 Innovation project. With the auto/savings account, members would be forced to add a specific amount to a saving account for every car payment. The seven innovations touted by the credit union think tank this year also included the “Savings Challenge,” in which members compete for the best savings performance. This program is being piloted in several credit unions. The innovators also proposed: an auto resource center to add to a credit union’s website to manage car ownership; community impact, a shared resource for community involvement programs; LOT&A MOT$A, an online destination for youth, with games and interactive financial material; Virtual Finance, an online resource for Gen Yers; and a financial site targeted at women.