A new report released last week by the Filene Research Institute indicates that SaveUp, the first free nationwide rewards program that encourages Americans to save money and pay down debt, had a positive impact on savings behavior among those who participated in a six-month pilot study. The research also revealed that credit unions and other financial institutions increased member engagement, loyalty and deposits with SaveUp.

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."

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