Navy Federal Encourages Healthy Saving Habits Within the Military Community
VIENNA, Va. (April 24, 2023) – To kick off Military Saves Week, Navy Federal Credit Union continues its 16-year partnership with Military Saves, a component of America Saves, by prompting the military community to declare their savings goals and "Take the Pledge." Navy Federal and Military Saves strive to encourage healthy saving habits, tips and resources for all—no matter where they are in their savings journey.
During the weeklong campaign, April 24-28, specific themes will be dedicated to each day that focus on financial readiness: Saving Automatically, Saving for the Unexpected, Saving for Major Milestones, Paying Down Debt Is Saving and Saving at Any Age. In addition, military community members are encouraged to “Take the Pledge” through Military Saves to help ignite their savings goals and establish strong savings habits. The pledge helps members save by assisting in planning, setting goals and keeping them accountable.
In 2022, Navy Federal members took the pledge with a goal to save a total of $9.2 million. The top 3 savings goals were general savings, emergency funds and homeownership.
“Financial wellness is top of mind during the current economic environment, and it can feel difficult to take the first step toward accomplishing financial goals,” emphasized Jaspreet Chawla, Senior Vice President of Savings Products. “Military Saves Week is a great start for members to set goals and educate themselves on ways to save money and build wealth.”
Navy Federal and Military Saves are committed to helping servicemembers reach their savings goals by taking the pledge as the first step in their savings journey. Anyone affiliated with the military is welcomed and encouraged to take the pledge. This includes, but is not limited to, Active Duty members, reserve servicemembers, Veterans, military family members and DoD civilian employees.
“Saving is a habit, not a destination. We are here to encourage those in military communities to gain financial confidence using down-to-earth, realistic and easy-to-implement strategies that help build financial confidence no matter their current financial situation," said Kia McCallister-Young, Director of America Saves. "With mission-aligned partners like Navy Federal Credit Union walking alongside us during Military Saves Week and beyond, we are able to stay true to our goal in helping servicemembers, their families, Veterans, caregivers and the entire military community at large save effectively, reduce debt and get on a path toward building wealth.”
Navy Federal Credit Union provides many services, resources and products to help the goals made in the pledge flourish, year-round. Through financial wellness tools and guidance online such as MakingCents, Navy Federal is helping educate members every step of the way. Members are also welcome to receive assistance at the nearest branch or call center; Navy Federal’s knowledgeable team members are always available for support.
For those who have made the pledge and want to open a savings account, consider interest rates offered, accessibility and fees. Credit unions, like Navy Federal, are not-for-profit organizations and are often able to offer better interest rates on their products, along with fewer fees.
Navy Federal’s EasyStartSM Certificates are an easy way to build savings quickly with a low minimum purchase and flexible term lengths. Navy Federal also offers a Special EasyStart Certificate, where members can start saving at a higher rate of return with a low minimum purchase. Direct deposit and a Navy Federal checking account is required within 90 days of Special EasyStart purchase. The minimum deposit is as low as $50 for these certificates.
Visit Navy Federal’s website to learn more about the different savings accounts, certificates, money market savings accounts and more. For more tips on saving and budgeting, check out Navy Federal’s blog on “How to Put Your Savings Plans in Motion.”
About Navy Federal Credit Union: Established in 1933 with only 7 members, Navy Federal now has the distinct honor of serving over 12 million members globally and is the world’s largest credit union. As a member-owned and not-for-profit organization, Navy Federal always puts the financial needs of its members first. Membership is open to all Department of Defense and Coast Guard Active Duty, veterans, civilian and contractor personnel, and their families. Navy Federal employs a workforce of over 23,000 and has a global network of 357 branches. For more information about Navy Federal Credit Union, visit navyfederal.org. Federally insured by NCUA. Equal Opportunity Employer.
About Military Saves: The research-based Military Saves program, coordinated by the non-profit Consumer Federation of America (CFA), uses the principles of behavioral economics and social marketing to change savings behavior and motivate action. Military Saves encourages the entire military community to take the Military Saves pledge and for organizations to promote savings year-round, and especially during Military Saves Week in April.