San Francisco-based SaveUp, a consumer savings rewards program, announced today that it has partnered with 20 credit unions across the U.S. to distribute a customize version of its program to the credit union's customers.
Non-profit think tank Filene Research Institute will also will work with SaveUp and the credit unions to track usage, monitor member feedback and compile results of the pilot.
According to SaveUp, the credit unions are spread across 15 states and boast more than 1.2 million accounts and more than $15 billion in assets. SaveUp is available for free to customers banking at more than 19,000 American financial institutions.
SaveUp rewards users each time they contribute to their savings or retirement accounts; pay down their credit cards, mortgages, or other loans; or engage with SaveUp's financial education content. For each positive financial activity, SaveUp users earn credits that can be redeemed for the opportunity to win various prizes. Brands such as Virgin America, TurboTax, and Banana Republic are among those which sponsor prizes for SaveUp users.