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FORUM Credit Union offers innovative accounts to help members meet goals
Two new accounts from FORUM Credit Union—one that offers a fun challenge and another that lets members choose a term that fits their goals—aim to give members a little nudge toward establishing a savings habit.
The 52 Week Money Challenge is an incremental savings plan in which members save $1 the first week and up their deposit by an additional $1 every week thereafter. If they stay on track, they’ll have saved $1,378—and qualify for a drawing to win another $1,378. The challenge accounts are set up to release the funds for access on Dec. 31.
Saving for a Reason accounts encourage members to identify a savings goal, select a term of one to five years, and set up a regular automatic transfer into their new accounts. At the end of the term, their savings are transferred to their savings or checking accounts. Dividend rates are higher than for regular savings accounts with rates ranging from .2 percent for a 1-year Savings for a Reason account up to 1.14 percent for a 5-year account, as of late February.
These new accounts reflect FORUM CU’s purpose statement, “Helping Members Live Their Financial Dreams,” says Kristi Lowell, MSM, CME, VP/brand strategy and development for the $1 billion Indianapolis credit union serving 110,000 members.
“Saving money is a key way members can realize their dreams, whatever those dreams may be. But we realize saving money can be difficult to do and not overly exciting. So we try to think of ways to make it fun and easy.”
Within just a few weeks of launching the 52 Week Challenge, 561 members had opened their new savings accounts, and the Saving for a Reason accounts were also gaining interest following an introduction via in-branch promotions, social media, website banners, and word-of-mouth campaigns with FORUM CU partner companies.
These new accounts join the credit union’s full suite of savings products, including education and retirement accounts; Santa Savings, a holiday saving fund; a prize-based account called Weekly 5 Club; and Common Cents, which lets members save their change on each signature-based debit card transaction they make. In addition, FORUM CU sponsors an annual financial education program called SaveItUp, in which members are encouraged to set and work toward achieving financial wellness goals.
