Navy Federal strives to be a resource for our members when it comes to building savings and creating financial security for themselves and their families. Organizations like the Consumer Federation of America share those values, and for that reason, we’re grateful to have partnered with them this year as the first credit union to offer their Military Saves pledge to our members. The power of this pledge is undeniable: according to Military Saves, those who take it are twice as likely to meet their financial goals as those who don’t.
Throughout April, which is Military Saves Month, 800 Navy Federal members took on this commitment with us, pledging to save a combined total of $3 million. The majority of these savers—nearly 30%—dedicated their savings pledges to building emergency funds. In addition, members also prioritized saving for housing-related expenses, growing their retirement savings, paying down debt and more. To meet those goals, many opted to open an EasyStartSM Certificate, taking advantage of the ability to add money at any time, maximizing the power to boost their savings.
It’s especially impressive that so many members took on this pledge while facing the impacts of COVID-19. With job losses and other uncertainties stemming from the pandemic, the need for savings is more apparent than before. By taking this pledge, our members took steps toward making themselves and their financial security a priority during this challenging time.
We’re already looking ahead to next year’s pledge and believe the need and desire to save is more present than ever. If you’re able to make savings a priority, don’t wait—we're here to help you now with tools, resources and guidance to get you started on your journey.Jaspreet Chawla is the Senior Vice President of Savings Products at Navy Federal Credit Union. Jaspreet is directly responsible for managing the $86 billion savings portfolio and deposit pricing by balancing the cost of capital with returning value to Navy Federal’s 9 million members, a core credit union mission.