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CUs involved in SaveUp tests for rewards program

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SAN FRANCISCO (11/16/11)--Credit unions are among the financial institutions participating in the pilot program to promote SaveUp, a free, nationwide rewards program for personal savings. 

With beta testing for SaveUp launched on Monday, Americans who are members and customers at U.S. financial institutions can save money, pay down debt and learn about personal finance to earn credits that can be redeemed for the opportunity to win prizes.

SaveUp rewards users making moves that improve their financial standing, such as contributing to their savings or retirement accounts; paying down loans; and engaging with SaveUp's financial education content. 

Prizes include retail gift cards, consumer electronics, luxury vacations, home or wardrobe make-overs, new vehicles, college tuition, debt pay-offs and a $2 million jackpot.

Rewards are provided by consumer brands. SaveUp's brand partners receive exposure through frequent brand placements, exclusive content or category ownership, social media linkage, and the ability to offer coupons, promotions and other exclusive deals to SaveUp users on the site. 

SaveUp provides a free savings rewards program that credit unions and banks can offer to their members/customers--with no capital investment or technology integration required on the part of the financial institution.

Spectrum FCU, San Francisco is among the nine banks and credit unions participating in the SaveUp pilot programs.