I was doing a look around the Internet today and I saw that Hughes Federal Credit Union in Arizona has launched DriveUp Savings.
They’ve added a special feature that I have seen some other auto save programs allow. Members can make two withdrawals per year to pay insurance premiums. In this way, it acts as a self directed insurance premium escrow account, but earns a good rate while doing so.
Here’s more from the Hughes Website:
Here’s how it works. When you open an Auto Loan with us, just tell us you want the Drive Up Savings added. If you already have an auto loan with us, let us know that you’d like to start a Drive Up Savings account. Then we’ll work with you to determine an additional monthly contribution amount that goes into your savings account. With each payment, we’ll apply the full loan payment amount and put the contribution amount into your Drive Up Savings account. Just think of the savings you’ll have by the time your loan is paid off! Make it automatic. Sign up for Direct Deposit and Auto Transfer for your payment—it’s safe, easy and convenient.
Just $20 per month can help you buy your next car and/or save for major repairs. You could use your savings to pay insurance premiums twice a year. Or, talk to us about the many other savings and investment opportunities that are available to you as a memberowner of Hughes.
