Financial Institutions

Quarter and Piggy BankAmerica Saves Week, February 24 - March 1, 2014, is an annual opportunity for organizations to promote good savings behavior and a chance for individuals to assess their own saving status.

Each year, hundreds of financial institutions - from large banks to small community credit unions - use America Saves Week to attract new customers, offer incentivized accounts to help people save, increase account balances, and educate individuals on the importance of saving. Check out the free resources below to help your customer/members save and sign up to participate in this nation-wide movement today. Click here to see the full list of participating organizations.

Banks and Credit Unions can Benefit by: 

  • Attracting new customers and members
  • Increasing account balances
  • Encouraging customers to save automatically through direct deposit
  • Sign up customers and members as America Savers to help support their ambition to save through an embeddable pledge form on your website, which can track your impact in the community. Learn more
  • Potentially receive free media coverage through proclamations and press releases

The Week is an Opportunity to:

  • Market to current and potential customers 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 customers, 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
  • Encourage customers, members, and employees to Pledge to Save.
  • Provide directly, or in partnership with others, financial education classes, events, and seminars.
  • In school presentations to students and teachers, encourage opening or adding to an existing account.
  • Enclose America Saves Week flier in statement envelopes
  • Feature America Saves Week on your website
  • Feature America Saves Week in advertising campaign
  • Hold press event promoting America Saves Week and institutional goals for increasing saving

Ready to Help Others Save?

Step 1:
Sign Up
Step 2: Download
Materials
Step 3:
Track Your Impact

How Financial Institutions Have Participated 

The Columbia Bank

  • Held a savings campaign during the Week in 40 of The Columbia Bank full service branches
  • Opened 119 new savings-type accounts for a total of $1,438,380.61
  • Held a drawing for a $500 CD from The Columbia Bank

Marquette Bank

  • Celebrated America Saves Week with their own "Chicago Saves with Marquette Bank"
  • Offered a 0.70% APY promotional rate for 60 days on all new savings accounts and a $25 savings match on all new minor savings accounts
  • All savings accounts opened throughout the Week were automatically entered into the "Chicago Saves with Marquette Bank" Prize Drawing for a chance to win a $150 gift card 

The Peoples Bank

  • Small community bank consisting of three offices
  • Offered their savings account to customers with a reduced $5 opening deposit
  • Promoted America Saves Week through teller hand backs and posters
  • Gave away “The Peoples Bank” piggy banks to any customer who opened a savings account 

Armed Forces Bank

  • With the help of the Military Saves campaign, Armed Forces Bank (AFB) and Armed Forces Bank of California (AFBCA) opened 319 savings accounts with balances totalling $327,332. They also opened 696 CD’s totalling $174,000 in deposits.

The Community Bank

  • Operated by Bank of America for the Defense Finance and Accounting Service at military installations
  • Outside the United States, hosted kick-off celebrations, customer information days, student field trips and tours, and Boy/Girl Scout tours.
  • The key statistics include 14,887 customer educational engagements and 13,405 Military Saves pledge referrals (a 48% increase since 2008). 

Armed Forces Bank – Fort Riley, Kansas branch

  • Worked with 18 community partners, including Army Community Services
  • Boy Scouts, local county commissioners, Chambers of Commerce
  • Obtained 5 proclamations from local leadership
  • Sponsored an essay contest at two elementary schools
  • 800 Military Youth Saves Pledges were received
  • Created a public service announcement that was broadcast in the exchange and the commissary

First Arkansas Bank & Trust – Little Rock Air Force Base, Arkansas

  • Visited schools to talk about saving and handed out piggy banks
  • Sponsored a well-attended series of events with Radio Disney
  • Motivated children about the importance of saving and awarded prizes
  • Offered gifts or bonuses for opening accounts, special interest rates for opening    account and prizes during

 Military Saves Week

  • Participants had to answer personal finance questions along the way

Military Saves 2013 General Statistics for financial institutions (banks and credit unions)

Financial institution participation significantly impacted savings behavior in 2013: 

  • 80% of financial institutions reported offering some type of saving incentive
  • 53% of financial institutions reported increased account activity when offering gifts or incentives for opening or adding to accounts and/or when offering special interest rates for opening accounts
  • 48% of financial institutions reported increased account activity when offering prizes or drawings

 The First – A National Banking Association

  • Opened 152 new accounts during America Saves Week totaling almost $56,000.00 in new money.
  • Waived the service charge for any account under $100.00 for one year and opened accounts with as little as $15.00.
  • Sent material to all area school administrators, put information on their Facebook page, placed a newspaper ad, and featured the Week on their bank marquees and teller receipts.
  • Held a branch contest for most accounts opened –17 branches competed for first, second, and third place.

ING U.S. Retirement

  • Rolled out a savings program for the more than 5 million retirement plan customers ING serves across the nation. Their initiative reinforced the theme of America Saves Week, and encouraged investors to picture what they want in retirement, so they could be motivated to set a goal, make a plan, and save automatically in their plans.

Navy Federal Credit Union

  • Offered incentivized savings products, including the Easy Start Certificate Special, during Military Saves Week.
  • 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.

Prudential Retirement

  • Conducted a satellite media tour featuring Christine Marcks, President, Prudential Retirement, and offered a promotional Certificate of Deposit product during the Week.
  • Results: 580,000 mailers sent; 11,188 increases to retirement accounts; $60 Million in new annualized savings.

U.S. Bank

  • U.S. Bank registered 58 branches in 17 states internally to participate in America Saves Week 2013, featuring the S.T.A.R.T. saving product that gave $50 for the first $1,000 saved. Conducted financial literacy seminars encouraging saving for the future using America Saves Week resources.

Did You Know?

  • 46% of reporting financial institutions offered an incentive, prize, or special rate for opening or adding to an account during America Saves Week 2013. (Source: America Saves Week 2013 Report)
  • Financial Institutions reached nearly 270,000 people with savings messages through tax sites and events during America Saves Week 2012. (Source: America Saves Week 2012 Report)
  • About one-third of financial institutions surveyed reported they had an increase in the number of accounts opened during America Saves Week 2011, showing that participation benefits consumers and is good for business. (Source: America Saves Week 2011 Report)

Together we can encourage people to take financial action through saving, debt reduction, and wealth building!