The 2020 Designation of Savings Excellence Winners

This award is made annually to those financial institutions that go above and beyond to actively encourage members to save, increase savings, save automatically, and build wealth. Financial institutions play a most pivotal role in motivating and providing a safe and appropriate opportunity to save. Your actions during America Saves Week and beyond provide a positive example of what financial institutions can do to support their customers in building emergency savings and a measure of financial stability.

Twelve awardees made a significant difference in combating the current savings crisis.  All told these financial institutions had 124,938 customers deposit $363,847,981.49 into new and existing savings account during a one-week time frame.  All of these institutions also promoted automatic savings and the need to save for emergencies/unexpected expenses using creative messaging through social media and communications to employees.

Your 2020 Designation of Savings Excellence winners are:

 

BANK WINNERS:

Farmers Savings Bank

First Commonwealth Bank

Haddon Savings Bank

Southern Bancorp Bank 

Synchrony

West Banco 

BancorpSouth Bank 

 

CREDIT UNION WINNERS:

Eaton Family Credit Union

North East Welch Family Credit Union

New Horizons Credit Union

Baylands Credit Union – 1st time winner!

Community Resource Credit Union   

Tip of the Day

  • Putting aside fifty cents a day will allow you to #save nearly $500. 

Saver Tips and Stories View all »

Inspired to Build Savings By Starting Small

With little-to-no money in the bank and living on a limited income with her adult daughter, Sharon wasn’t sure if building up savings for her future was even possible. “At my age, to put debts behind me would be a relief,” she said, but she wasn’t quite sure how to even get started with a savings plan. That all changed when Sharon attended the Great Lakes Michigan Saves Pay Yourself First Saver’s Summit during America Saves Week.

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Put 20 Percent Away

“I am a single mother, and I make ends meet for me and my daughter, but I wanted to put money away for my daughter for a college fund. So I started saving 20 percent of my paycheck every month to put it away in a savings account with a high Annual Percentage Yield (APY). By the time my daughter is 18, I will have saved nearly $90,000.”

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A Think Like A Saver Attitude

Melissa has always been thrifty with a #ThinkLikeASaver attitude. This served her family well when her husband lost his job in 2014. Using their savings, Melissa’s family stayed afloat while her husband found a new job. During his job search they used a majority of their savings, but that is OKAY. Savings are fluid! They’re supposed to be used in the case of emergency, and this qualified as such.

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