Credit Union Participation Opportunities

In Ohio Saves Week 2014

Credit Unions can directly benefit by participating in ASW to:

  • Attract new members
  • Increase account balances
  • Encourage members to save automatically through direct deposit
  • Sign up members as Ohio Savers to help support their ambition to save
  • Using an embeddable pledge form on your website, you can track your impact in the community
  • Provide directly, or in partnership with others, financial education classes, events, and seminars
  • Potentially receive free media coverage

Credit Unions can participate in Ohio Saves Week in a variety of ways:

  • Market to current and potential members to save and build wealth better—offer no-fee savings accounts at low opening balances ($25 or less) with incentives introduced during the Week, offer incentives for making deposits into current accounts, offer low cost IRAs, CDs or other wealth- building accounts, offer special emergency savings accounts
  • For current business members, reach out to their employees (At Work programs) to make savings automatic, and set up an emergency savings account or wealth building account through payroll deduction
  • Have members take the Pledge to Save
  • Make available Ohio Saves pledge forms at teller windows
  • Offer financial education classes and/or one-on-one counseling in partnership with nonprofit organizations
  • Use Ohio Saves Week to expand outreach, education, and new deposit promotions
  • In school presentations to students and teachers, encourage opening or adding to an existing account. The accounts can be savings, IRA, CD, or other wealth-building accounts
  • Host motivational workshops with partner organizations such as schools, nonprofits or at a library
  • Enclose Ohio Saves Week flier in statement envelopes
  • Feature Ohio Saves Week on website
  • Put a link on Web site to Ohio Saves Week
  • Feature Ohio Saves Week in advertising campaign
  • Hold a press event promoting Ohio Saves Week and institutional goals for increasing saving

How others have benefitted:

  • Navy Federal Credit Union offered incentivized savings products, including the Easy Start Certificate Special, during Military Saves Week 2013. This one-year term certificate had a low opening balance ($50) and because the certificate maximum is $3,000, it was offered at a very attractive rate of 2.90%. At the end of the promotion, 2,699 new certificates with a combined balance of $1,916,099 were opened.
  • As part of America Saves Week, eCO Credit Union educated the community on the importance of making a plan. eCO also hosted an education seminar for the community. On February 25th, members and the community gathered at the Homewood Library for Make a Plan Workshop. The seminar concluded with a cash drawing. Two attendees each received $50 to help jump start their saving efforts. Attendees also gained accountability by taking pictures with signs displaying what they are saving for.
  • For Military Saves Week 2013, Service Credit Union had 1,244 people take the Military Saves pledge and 384 opened their savings account, which featured a 2% interest rate on balances up to $2,500 if you set up automatic monthly deposits of $25 or more.
  • A defense credit union reported 566 members opening savings certificates or setting up automatic transfers to savings accounts. A community credit union in Akron, Ohio, held a Roll Your Change Week and realized over $250,000 in deposits and 866 new members