SAN FRANCISCO -- SaveUp, a consumer savings rewards program, announced today that it has partnered with 20 credit unions across the U.S. to distribute a customized version of its program incentivizing savings and debt reduction.
The Filene Research Institute will work with SaveUp and the credit unions to track usage, monitor member feedback and compile results of the pilot.
SaveUp rewards users each time they contribute to their savings or retirement accounts; pay down their credit cards, mortgages, or other loans; or engage with SaveUp's financial education content. For each positive financial activity, SaveUp users earn credits that can be redeemed for the opportunity to win various prizes. Brands such as Virgin America, TurboTax, and Banana Republic are among those which sponsor prizes for SaveUp users.
"Our research shows that when financial institutions find ways to make saving fun, consumers save," said Mark Meyer, president of the Filene Research Institute. "As Americans start rebuilding their financial lives from the Great Recession, we are excited to help credit unions explore new ways of facilitating and encouraging positive financial behaviors."
SaveUp rewards users each time they contribute to their savings or retirement accounts; pay down their credit cards, mortgages, or other loans; or engage with SaveUp's financial education content. For each positive financial activity, SaveUp users earn credits that can be redeemed for the opportunity to win exciting or life-changing prizes. Brands like Virgin America, TurboTax, and Banana Republic are sponsoring prizes to reward Americans for their financial success.
Since the site's launch in November, users have deposited over $29.5 million to savings and paid down over $25.3 million of debt. Hundreds of people have won prizes such as cash, retail gift cards, consumer electronics, free air travel, shopping sprees, experiential rewards, and a $1,000 savings deposit.
"Credit card rewards have focused on driving spending. SaveUp is the alternative model to help Americans recover from the recession, and to help financial institutions build a deeper relationship with their customers as they accomplish their goals," said Priya Haji, co-founder and CEO of SaveUp. "While forward-thinking institutions, like the 20 credit unions participating in our pilot, clearly recognize SaveUp's potential to drive deposits and create stronger customer relationships, the goal of the pilot is to demonstrate how incentivizing more positive financial behaviors can lead to more financially secure customers and better customer relationship management."
Among the credit union participants in the pilot are: Xceed Financial CU, Credit Union of the Rockies, Eli Lilly FCU, Frankenmuth CU, Arsenal CU, St. Mary's Bank CU, Northeast CU, Southwest FCU, GPO FCU, Oregon Employees FCU, Providence FCU, Neighborhood CU, Belvoir FCU, Summit CU and Fox Communities CU.
