DriveUp Savings

No two institutions will implement DriveUp Savings exactly the same. With the reality of varied core system capabilities, organizational tastes and differing makeup of membership segments, it’s impossible to expect that possibility.

However, there are common steps and actions that enable a system that can be used and deployed. We have detailed those items below:

1. Decide Product Type – We recommend a certificate, but CUs may also consider a “holiday club” type of savings account
2. Determine Timeline
3. The Product Name – Feel free to use “DriveUp Savings”
4. Beta Test – Set up the product in your test environment and make sure it works as intended
5. Documentation – If you offer term extensions to lower payments to allow for contributions, you will need to modify your documents. You’ll also want to integrate into your other account opening processes.
6. Expectations and Goals – You’ll want to create expectations and goals based upon your membership and product sales. [See Financials]
7. Marketing – We’ve developed marketing collateral using the DriveUp Savings name. If you choose to brand with a different name, you’ll need to create new. [See Marketing]
8. Set Up in Live Environment
9. Train Staff and Launch Product
10. Follow-up and Tracking – Monitor your success [Don't Forget to Tell Us About It!]

The DriveUp Savings product/program was incubated by the Filene Research Institute’s i3 initiative. The original concept is called AutoSavings . Two credit unions adopted the product and still offer it to members. Those two credit unions are American Airlines Credit Union (TurboSave ) and Day Air Credit Union (Auto Loan Plus ). Both have implemented with success to the benefit of the credit union and the member.

The key differentiator of the DriveUp Savings product is the rate match. Additionally, we’ve developed many resources to help CU’s implement. Other CU’s who are or will implement include:

• Members United FCU – LaPorte, IN
• Purdue Employees FCU - West Lafayette, IN
• Three Rivers FCU – Fort Wayne, IN
• Hughes FCU – Tucson AZ
• AAA FCU – South Bend, IN
• MidWest Financial CU – Ann Arbor, MI
• Fiscal Credit Union - Glendale, CA
• Tarrant County CU – Fort Worth, TX

Implementation outcomes and member adoption information will be shared on this site as they become available. Additionally, we invite your institution to join in this exciting new phase. We’ve created an easy implementation program, have provided the numbers to support the endeavor and have even created marketing collateral for your use with no strings attached. However, we do humbly request that you tell us you are implementing and would love for you to consider sharing your results with us on this site.

To do so, you can either comment on this post or you can use our contact form .

This page will continually be updated as we learn about more institutions who choose to implement.

We are pleased to provide credit unions with marketing materials that can be used to help launch the DriveUp Savings program at their institution. There are several types of marketing collateral provided below. Some are more customizable than others – but all can be deployed fairly quickly with minimal effort.

Please note: Many of the materials available here and thoughout this site include the “money car” image. If you utilize this image in any of your marketing efforts, you must purchase the image from istockphoto. We do NOT own the copyright on it. Click here to view/purchase.

Newsletter Articles & Web Content: Click Here

Web Banners and Buttons (all images are in .gif format): 120×240 | 125×125 | 160×600 | 486×60 | 728×90

Statement Stuffers: Click Here

Press Releases: Click Here

Posters: 8×11-Click Here

The full suite (download everything that is listed above in one .zip file): Click Here (13MB)

The following videos are used as part of our project presentation: