Filene Research Institute and SaveUp.com formally launched Tuesday a pilot initiative involving 20 credit unions in 15 states offering customized packages promoting account savings.
As part of the pilot, credit unions from Virginia to California have started distributing what the San Francisco company calls "a customized SaveUp experience for their members" by rewarding positive financial action for savings behavior using a point system redeemable in prizes.
Under the arrangement, credit union members who use SaveUp – offered through their credit unions' websites – are rewarded each time they contribute to savings or retirement accounts, pay down credit cards or other loans, or utilize SaveUp's financial education materials.
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