How Skyla Credit Union Opened 12,000 Savings Accounts In 3 Months
A Webinar on Purpose Driven Savings: Nov. 5 | 2 PM EST
Today, less than half of Americans can cover a $1,000 emergency expense without borrowing, according to a recent Bankrate survey. For credit unions, that gap is a chance to reach members who've been underserved by savings products built for those who already have money set aside, not those trying to start.
At Skyla Credit Union ($1.7B, Charlotte, NC), front-line staff were the ones who first flagged the issue, prompting leaders to design Purpose Savings: an account that pays its highest rate on members' first dollars saved rather than their largest balances. With a $25 opening deposit, a low monthly contribution, and no penalty for dipping into the account when life happens, the product strips away barriers that keep members from starting to save towards a brighter financial future.
Join us on Nov. 5th as Brett Fisher, chief financial officer at Skyla, walks through how the credit union turned staff feedback into a successful savings product built for realistic obtainable goals, including the tradeoffs the team weighed around aspects like rate design and member engagement along the way.
At Skyla Credit Union ($1.7B, Charlotte, NC), front-line staff were the ones who first flagged the issue, prompting leaders to design Purpose Savings: an account that pays its highest rate on members' first dollars saved rather than their largest balances. With a $25 opening deposit, a low monthly contribution, and no penalty for dipping into the account when life happens, the product strips away barriers that keep members from starting to save towards a brighter financial future.
Join us on Nov. 5th as Brett Fisher, chief financial officer at Skyla, walks through how the credit union turned staff feedback into a successful savings product built for realistic obtainable goals, including the tradeoffs the team weighed around aspects like rate design and member engagement along the way.
Need a little more information? Check out what you'll learn in the section below! ↓
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Be A Part Of The Webinar, Join Us Live Nov. 5th | 2 PM EST!
What You'll Learn:
#01
Why a purpose-built savings design resonates with the credit union mission and helps members who haven't been able to save before.
#02
How Skyla shaped the account around real goals like car repairs and property taxes rather than accruing large balances.
#03
How the credit union removed common barriers to saving, from withdrawal flexibility to proactive member outreach.
#04
Skyla's approach to rate structure, accessibility, and member engagement that you can adapt for your own credit union.
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