SANTA ROSA, Calif.–Redwood Credit Union is reporting that its members have collectively saved more than $1.5 million in just eight months following the introduction of a suite of new financial tools and services designed to “promote financial resilience and long-term stability.”
Earlier this year, RCU noted it introduced two automated savings tools, Simple Save and Round Up & Save, in addition to a new Certified Financial Coaching program, offered at no cost to members.
“These initiatives aim to make saving more accessible and to provide personalized guidance for financial planning,” the credit union said. “Having inadequate savings can result in a lack of financial stability, security, and opportunities for long-term growth. The standard budgeting advice of setting aside three to six months of expenses for emergencies doesn’t work for many people.
“Most Northern California residents live paycheck to paycheck and struggle with ways to start saving money. RCU provides members with ways to save that are easy, repeatable, realistic, and attainable,” Redwood CU continued. “This includes helping those who need it to get started with smaller, manageable steps before graduating to bigger steps.”
RCU reported that 72% of members have savings of over $500, which is 4% higher than the national average of 68%. The credit union said it attributes this progress to its focus on meeting members where they are and helping them build savings incrementally.
‘Stand Strong Financially’
“We want our members to be as financially resilient as possible,” President and CEO Brett Martinez said in a statement. “Whether it’s preparing for a natural disaster, a family emergency, or back-to-school expenses, our goal is to help our communities stand strong financially.”
The Programs
According to RCU:
• Simple Save, launched in April, automatically transfers a selected percentage of new checking deposits into savings.
• Round Up & Save, introduced in January, rounds up debit card purchases and transfers the difference into savings.
Counselors Available
In addition, Redwood CU said its more than 80 Certified Financial Coaches provide free, confidential support in setting financial goals and learning to reach them by budgeting, saving, debt repayment and credit building.
