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UNION BANK SUPPORTS "AMERICA SAVES WEEK"
For Immediate Release
Bank Announces Special Savings Offer
San Francisco, February 18, 2010 -- In an effort to help educate consumers about the importance of saving money and encourage them to start a savings plan, Union Bank, N.A., proudly announces its support of the fourth annual America Saves Week. America Saves Week, a campaign organized by the Consumer Federation of America and the American Savings Education Council, runs February 21 -- February 28, 2010. The program aims to increase awareness of saving money, reducing debt and building wealth, and individuals are encouraged to create a savings plan or assess their current plan.
"At Union Bank, we continue to recognize the importance of educating our customers about saving and the importance of committing to a savings plan," said Pierre Habis, executive vice president and head of branch banking at Union Bank. "America Saves Week is an excellent reminder that, even amidst challenging economic times, saving for the future is essential."
In honor of America Saves Week, Union Bank is offering a special savings account -- customers can open a new Union Bank Regular Savings account and earn a $25 bonus. The account must be opened with a minimum of $50, followed by $25 deposits for the next three consecutive months. Participating branches will also offer a special reusable fabric lunch bag (while supplies last) with savings tips to customers who take advantage of the special offer.
The offer will be available in select Union Bank branches through March 31, 2010. The bank is also supporting the special savings offer with local grassroots marketing and community outreach.
A newly commissioned bank study confirms that nearly 90 percent of Americans agree that monetary stress can negatively affect one's health. The study also found that slightly more than a third of U.S. adults believe they have enough money saved in the right kind of savings account to get through 2010.
The Importance of Saving
"Many people are stressing over money these days, but learning to save can still be easy, and it's never too late to start," says Habis. "The most critical factors are getting started and sticking to it consistently."
"Saving automatically is the best way to build up an account, whether it is for emergencies or a purchase, and even small amounts on a regular basis make a difference," says George Barany, director, financial education of the Consumer Federation of America. "We encourage everyone, even those with modest means, to set up automatic savings at financial institutions, and become an American Saver."
Habis offers these simple tips to help consumers of all ages start saving now:
- Save Automatically: Set up direct deposit into a savings account with your bank. This will force you to save money each month and is a good way to become disciplined.
- Be a Wallet Watcher: Challenge yourself to spend only on necessities, such as rent, transportation and groceries. It can help jump start a long-term savings plan.
- Track Spending: Keep track of your consumption habits with a disciplined record of where your income is allocated. Ultimately, striking a balance between instant and delayed gratification will facilitate future financial success.
- Write it Down: Use a written plan as a visual tool to help you reach your fiscal goals. Research by the Consumer Federation of America has shown that adults who commit their plan to paper have twice as much savings and investments than those without written goals.
- Involve the Family: Demystify the savings process by talking to your kids and teens about the benefits of saving for the future. Introduce them to the family budget and help them develop their own week-specific savings goals so that they feel involved in their success. You can assist younger consumers with gathering information about market concepts that affect their world. With multitudes of quality Web sites, there's no shortage of user-friendly education resources.
- Know Your Net Worth: In an ongoing commitment to staying informed about your personal finances, your net worth is an essential piece of the puzzle. Using this number as a guideline, you can develop a plan to have your net worth this year exceed last year's number.
- Estimate Retirement Needs: Establish a long term budget and don't underestimate how much incidentals like retirement hobbies and travel might require in your plan.
To learn more about America Saves Week and for additional savings tips, visit AmericaSavesWeek.org. To learn more about Union Bank checking or savings accounts, visit UnionBank.com.