Filene Research Institute

Through independent research and innovation, the Filene Research Institute explores issues vital to the future of credit unions and consumer finance.

Prize-based Savings

Helps Make Saving Money Fun and Exciting!

Imagine America’s credit unions making one credit union member a millionaire every month via a live televised drawing on David Letterman. Why not think big! The project focuses on a credit union savings account product that provides incentives to save through random drawings. Based in part on Harvard research and savings account innovations in European and Latin American countries, the product goal is to stimulate saving habits for credit union members. Professor Peter Tufano of the Harvard Business School recently discussed his thoughts on how to make saving a fun or satisfying experience in Innovative Ways to Encourage Personal Saving. Also, to learn more about other credit unions now implementing similar projects, click here. Also, visit the D2D Fund Web site for information on similar efforts.

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  1. Credit Unnion Innovators—If you’re implementing a prize-based savings account, or something similar, please let us know by sounding off here.

    Filene is developing a Savings Special Report, and we would love to include your credit union’s experiences in it.

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