SaveUp is a free website that lets members earn a shot at cash (a $2 million jackpot) and other prizes, just for saving their own money. The site essentially "gamifies" user savings and paying down debt. And it 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.
"The driving force behind SaveUp is to help Americans succeed financially," said Priya Haji, CEO and co-founder of SaveUp, a San Francisco-based company. "SaveUp is the only rewards program that focuses on improving the lives of Americans by focusing first and foremost on their financial well-being."
Key findings from the Filene Research Institute revealed that SaveUp raised financial awareness. Over half of the participants reported that SaveUp motivated them to save money and pay down debt. The research also found the site significantly improved each financial institution's reputation and relationship with its members.
The program costs to the credit unions are $7,500 a year and the company is offering a 90-day free trial.
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