Military Banks Encourage Personal Savings in the Military Community; Offer Incentives, Specials and Promotions!
By Andia Dinesen, AFC ®
VP Communications and Operations, AMBA
For over 8 years military banks have been supporting the Military Saves Campaign. The 2014 campaign is gearing up to be the best year yet. Each year since 2007, the Military Saves Campaign, which encourages servicemembers, DoD employees, veterans, and their families to save money, is kicked-off by Military Saves Week. This year Military Saves Week is 24 February through 1 March.
This particular week of the year, the entire military community comes together to talk about importance of saving. The military banks know the importance of a financially fit force and use this week and usually the whole months of February and March to offer special products, services, classes, workshops and incentives to get people saving!
The theme for Military Saves Week 2014 is Set a Goal. Make a Plan. Save Automatically. This theme resonates with the military banks and they have answered the call to action by focusing on goal-focused savings accounts, automatic savings incentives, and special matching contributions. And everyone is encouraged to take the Military Saves Pledge.
Among the many activities and promotions, one bank is offering up to $30 in incentives during a year-long period for automatic saving deposits. Many are waiving 12-month fees for low or no account balances and/or balance requirements. Another bank has focused its special programs to highlight the four command elements at its installation, with innovative ideas and a goal of reaching 100% of the base community.
The military banks cater to the specific and unique needs of the community they serve. Each bank offers products and services and financial education year-round to support their installation. See the list below of what the banks are offering this year for Military Saves Week. A list of banks participating in the Week can be found at AMBAHQ.org.
Bank participation includes:
Classes/Seminars focused on savings, debt management, budgeting, paying off debt, etc.
Games with incentives to save
Technology – Mobile banking, text banking
Special Savings Accounts
Special incentive APY pricing
Auto-fund transfer incentives
Special Child/youth accounts
Opportunities and incentives for taking the Military Saves Pledge
$50 Savings certificate
Essay writing contest for school-age youths
Messaging through digital marques, website banners, bank staff, and promotional items
Charitable contributions to Service Aid Societies for opening accounts
$100 bonus for 13th month of savings account
Partnering with on-base personal financial counselors