20 to Watch: Savings

Read about four Savings Programs to watch.


A Penny a Saved
Wright-Patt Credit Union in Fairborn, OH, launched an EasySaver Debit Card Round-up Program which promotes savings by “rounding up” every debit purchase and depositing the difference into an EasySaver account. If members sign-up for eStatements as well, WPCU will match 50% of the round-ups during the first 30 days. Since the program launched, over 5,100 members have signed up and deposited over $170,000 in their accounts—all in increments of less than $1! WPCU is encouraged by the early results, both from the numbers of members and from the market presence the product has given them.

Save a Little, Gain A Lot
BECU in Seattle, Washington launched its Member Advantage & Early Saver Programs in October 2006. Both programs turn the normal banking thought process upside down: they reward small savers with a premium rate to encourage habitual saving. Both accounts pay a higher interest rate on the first $500 deposited to encourage people of all means to save. As of April 2007, BECU has over 60,000 Member Advantage Savings Accounts with $215 million in balances and 47,000 Early Saver Accounts with $165 million in balances.

The (new) Best Thing since Sliced Bread
In January 2006, Patelco Credit Union unveiled a new HSA savings account for its members. In just 15 months, Patelco attracted over $4.7 million in HSA deposits—up from $2.5 million at 4th quarter 2006. The credit union attracted new members working with health insurance brokers to market the account and connect with employers offering high deductible health plans. In just one SEG visit, Patelco representatives recruited all 600 employees to the credit union’s HSA program.

Electric Orange
ING is leading Americans back to checking…and not the old fashioned way. Late last year, ING introduced Electric Orange, their first foray into high volume transaction accounts in the US. In addition to typical features of e-accounts like free debit/ATM transactions and free online bill pay, ING also offers Peer-to-Peer payments billed as “electric checks” and a minimum APY of 4.00% (going up to 5.3% for balances in excess of $100,000).




June 19, 2007



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