Maine Savings Celebrates Unprecedented Growth after One Year with RedWallet
Hampden, Maine (June 11, 2015) – Last June, Maine Savings launched RedWallet checking — a free account with easy-to-earn rewards — at a time when many banks were eliminating “free” and adding or raising fees. The credit union paid out more than $180,000 in rewards to members during the account’s first year through interest, cash back, tunes and ATM refunds.
“We love it!” exclaimed Heidi Winslow, a Maine Savings member from Windsor. “A great idea and we are very pleased with it. It is an unexpected way to save.”
In RedWallet’s first year, Maine Savings increased its net new checking accounts by 63%, with over 1,000 from June 2014 to May 2015, in comparison to June 2013 to May 2014.
“Many financial institutions are charging fees to maintain checking accounts,” explained John Reed, President and CEO of Maine Savings. “We’re not just offering RedWallet for free, we’re paying out rewards to many of our member owners. ”
Account holders can qualify for different rewards, depending on which RedWallet account they choose. RedWallet Cash pays a high interest rate, RedWallet Tunes rewards customers with music, and RedWallet Cash Back returns a percentage of debit card purchases. ATM fees nationwide can also be refunded on all three.