PenFed Credit Union Awarded Designation of Savings Excellence by Military Saves

Designation Recognizes PenFed's Commitment to Military Community and Promotion of Good Savings Behavior

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Jul 20, 2020, 10:59 ET

TYSONS, Va., July 20, 2020 /PRNewswire/ -- PenFed Credit Union, the nation's second largest federal credit union, today announced it has earned the annual Military Saves Designation of Savings Excellence award. This honor is reserved for financial institutions that succeed in encouraging the community to open or add to wealth-building accounts.

"PenFed was founded 85 years ago with the purpose of serving our nation's defenders and their families, so we are honored to partner each year with Military Saves and America Saves to promote healthy savings habits," said PenFed President/CEO and PenFed Foundation CEO James Schenck. "Our mission is to help all Americans achieve financial well-being."

In support of Military Saves Month, PenFed increased communications promoting healthy saving habits through op-eds written by PenFed executives on personal finance and media appearances in national news outlets. PenFed also conducted a national survey on financial attitudes to better understand how Americans are saving.

PenFed's digital team shared Military Saves Month content across all of PenFed's social channels and created original materials to encourage members to open or add to wealth-building accounts. Marketing efforts were increased during April to encourage deposits through cash-back offers and increased visibility.

Military Saves Month, held in April, is an annual opportunity for the entire military community to assess their savings status and make a plan to start or increase saving, and for organizations to support good savings behavior.

"The COVID-19 pandemic is an unfortunate situation that is currently impacting military families and their finances. The timing of Military Saves Month has helped to spearhead the conversation around saving during a national crisis and help service members and their families take action toward their savings plan," said Angela Caban, Military Saves Director. "The financial institutions awarded went above and beyond to encourage and support the military community to save."

"The designees awarded all pivoted to promote a fully digital campaign in response to the COVID-19 pandemic," she continued. "These banks and credit unions don't just tell people why it's important to save, they help them do it. They all play an important role in Military Saves Month by making it easy to save. When individuals utilize saving accounts, they build financial security."

About PenFed Credit Union
Established in 1935, Pentagon Federal Credit Union (PenFed) is America's second-largest federal credit union, serving over 2 million members worldwide with over $26 billion in assets. PenFed Credit Union offers market-leading certificates, checking, credit cards, personal loans, mortgages, auto loans, student loans, and a wide range of other financial services with members' interests always in mind. PenFed Credit Union is federally insured by the NCUA and is an Equal Housing Lender. To learn more about PenFed Credit Union, visit PenFed.org, like us on Facebook and follow us @PenFed on Twitter. Interested in working for PenFed? Check us out on LinkedIn. We are proud to be an Equal Employment Opportunity Employer.

About Military Saves
Military Saves is an initiative of America Saves, a campaign managed by the nonprofit Consumer Federation of America that uses the principles of behavioral economics and social marketing to motivate, encourage, and support the military community to save money, reduce debt, and start building wealth. Military Saves encourages individuals and families to take the Military Saves pledge and organizations to promote savings year-round and during Military Saves Month. Learn more at Militarysaves.org.

SOURCE PenFed Credit Union