SAN FRANCISCO (4/18/12)--Twenty credit unions have been selected to participate in SaveUp, a new pilot program that evaluates the emotional effects that rewards programs have on influencing consumers to make positive financial decisions.
Participating credit unions will distribute customized versions of the program to their members. The Filene Research Institute will track usage, monitor member feedback and compile the results of the project.
Members who use SaveUp will be rewarded each time they contribute to savings or retirement accounts, pay down credit cards or other loans, or use SaveUp's financial education materials.
Users can earn credits that can be redeemed for prizes from brands such as Virgin America, TurboTax and Banana Republic.
Since its launch in November, users have deposited more than $29.5 million in savings and paid down more than $25 million in debt.
Participating credit unions include:
- Xceed Financial CU, El Segundo, Calif.;
- Credit Union of the Rockies, Golden, Colo.;
- Eli Lilly FCU, Indianapolis;
- Frankenmuth (Mich.) CU;
- Arsenal CU, Arnold, Mo.;
- St. Mary's Bank, Manchester, N.H.;
- Northeast CU, Portsmouth, N.H.;
- Southwest FCU, Albuquerque, N.M.;
- GPO FCU, New Hartford, N.Y.;
- Oregon Employees FCU, Salem, Ore.;
- Providence FCU, Milwaukie, Ore.;
- Neighborhood CU, Dallas;
- Belvoir FCU, Woodbridge, Va.;
- Summit CU, Madison, Wis.; and,
- Fox Communities CU, Appleton, Wis.