Military Saves Week Financial Institution Awards
Military Saves will once again sponsor its Financial Institution Awards, which created last year to recognize on-base financial institutions that go above and beyond during their Military Saves Week promotion.
The awards will recognize four financial institutions, two banks and two credit unions nominated as those institutions that showed outstanding promotional effort during Military Saves Week 2014. This year, the Week will take place from 24 February – 1 March, after which the survey for nominations will be available and sent out through email via www.surveymonkey.com. Nomination entries will be due by 18 April 2014. Complete guidelines for financial institutions can be downloaded here. Awards will be presented at the Association of Military Banks of America (AMBA) and Defense Credit Union Council (DCUC) annual conferences.
Encourage Your Financial Institution to Enter
Financial institutions must be nominated by the financial institution's corporate office, or by the Branch Manager. However, if you notice that a bank or credit union goes above and beyond during Military Saves Week 2014, please encourage them to enter so that their work can be recognized.
How to Participate
After Military Saves Week 2014 ends, branch managers must fill out a survey to nominate a branch location for the award. For reporting purposes, we ask that financial institutions fill out a regular reporting survey in addition to the short (three question) nomination survey which includes the following three questions and criteria below
1. Account Activity which Includes:
- Number of savers opening new accounts
- Number of savers adding to existing accounts
- Number of automatic savings deposits set-up
2. Account Incentives which can Include:
- Gifts or bonus incentives for opening accounts
- Gifts or bonus incentives for adding to accounts
- Special interest rates for opening accounts
- Prizes or drawings
3. Promotional Methods and Audience Reach: Should include efforts taken by a financial institution to promote Military Saves Week, why the method was chose, and what impact it had. Methods can include any of the following:
- Obtained Commander’s proclamation
- Published press releases and/or Held a press events
- Held a community event or programs/ Made appearances
- Public service announcements
- Paid or donated advertising
- Included information on website or in internal/external publications
- One-on-one financial counseling and/or financial education workshops
- Distributed posters/flyers
- Postal mailings
- Sent e-mails
- Utilized social media, i.e. Facebook, Twitter, Pinterest or other
2013 Award Winners
Last year, the two banks that took the award for showing outstanding participation in Military Saves Week 2013 activities were the Armed Forces Bank, N.A. of Fort Riley, Kansas and First Arkansas Bank and Trust of Little Rock Air Force Base in Arkansas.
Armed Forces Bank of Fort Riley worked with 18 different community partners, including Army Community Services, and the Boy Scouts, and promoted the importance of savings throughout the installation. Additionally, the bank obtained 5 different proclamations for the Week from local leadership, and sponsored essay and coloring contests at local schools, created a public service announcement that was broadcast in the exchange and the commissary, and distributed over 3,500 flyers about the Week.
First Arkansas Bank and Trust of Little Rock Air Force Base visited schools on the installation and hand out piggy banks to encourage savings; the bank also sponsored a series of events with Radio Disney, hosted a luncheon for Airmen and spouses, sponsored a 5K relay, and promoted a special rate savings account during the Week.
Credit Union Recipients
Credit unions that received the 2013 award were Navy Federal Credit Union in Parris Island, South Carolina, and Pacific Marine Credit Union in San Diego, California.
Navy Federal Credit Union conducted several events resulting in members taking advantage of special products ($100 First Time IRA Bonus and two special interest rate CDs,) also resulting in 586 new accounts added during the period. The credit union also partnered with the command and the community and offered 14 different financial education presentations to over 1,900 Marines.
Pacific Marine Credit Union offered special promotional rates for the week resulting in 208 new accounts being opened and a total of 237 automatic savings deposits being set up. Additionally, the credit union participated in a brown bag seminar, and conducted financial education for new recruits emphasizing the importance of saving.
If you are a financial institution that plans to participate in Military Saves Week 2014 and sponsor outstanding activities and events during the Week, submit your information and you could be one of our next award recipients!