DriveUp Savings

Did a quick search today. Found some other CU’s who are offering the DriveUp Savings product. If you are one of them listed below or one we have not yet reported, please comment. Would love to hear how it is going for you.

AAA Federal Credit Union now offers a Drive-Up Savings.  When you get a new vehicle loan with AAA FCU you can now add a Drive-Up Savings.  A Drive-Up Savings is a Certificate of Deposit that has the same rate (APY) as the rate on your loan (APR).  You can deposit up to 10% of your monthly loan payment into your Drive-Up Savings.  For more information about our Drive-Up Savings contact one of our three offices. (http://aaafcu.com/loans)

Drive Up Savings Add it to your new MidWest Financial auto loan and watch your savings grow! How It Works* Auto Loan: $20,000 for 60 months at 5.75% APR Monthly Payment: $384.40 Drive Up Savings: You deposit additional funds, up to 20% of your monthly payment Monthly Deposit: $76.88 Savings Rate: 5.75% (same rate as your auto loan; that’s 5.90% APY*)

Over the life of your loan you will have saved: 12 months – $947.38 24 months – $1,950.71 36 months – $2,936.39 48 months – $4,139.06 60 months – $5,253.93

*APY= Annual Percentage Yield. All rates and figures for example only. Savings rate effective while loan is in repayment and good standing only. Subject to credit approval. To qualify for Drive Up Savings, borrower must use electronic payment for the loan payment and savings deposit. Withdrawal restrictions and early closure penalties may apply. Membership eligibility required. Please see a Representative for details. (https://www.mwfcu.org/services/savings)

DriveUp Savings

Get an Auto Loan… Get a Term Share Certificate…

AT THE SAME RATE!

When you get a new or used car loan at Fiscal, you can open a term share certificate at the same rate.* Select your monthly contribution amount to be automatically transferred into your term share certificate account every month and start saving at a higher rate today.

For full details, call (800) 311-3328 or stop by your nearest Fiscal branch. (www.fiscal.com/index.cfm?fuseaction=view&CID=97)

Get an Auto Loan…Get a Savings Account…AT THE SAME RATE!

Everyone wants to save more money. Very few of us find that to be an easy thing to do. That’s why we are happy to introduce you to a new way to help you save. It’s the DriveUp Savings account . . . (www.tarrantcu.org/news-and-events/2009-02-01-driveup.php)

Carolyn Probasco at Members United Federal Credit Union sent along a nice letter today.

She reports that her credit union is still doing about a 30% takeup rate (meaning 30% of the auto loans they open have a DriveUp Savings attached).

She also included a cell phone sticky pad that was used as a give-a-way at her local chamber meeting. What a great idea!

Thanks for keeping us updated Carolyn, and congratz on the great success you are having with the product.

If your credit union is intersted in launching this product or a similar product, we want to hear from you so we can add it to the growing list of credit unions offering the product. We’ve started to draw interest from credit unions in California and New York, so we may see the innovation take off nationwide soon!

And remember, we’re also happy to help you as an advocate if you need help getting it approved, implemented and/or promoted. Just contact us and we’ll help you get started.