Initiative designed to help build better lives by boosting clients’ emergency savings through an Essential Savings account with a chance to win up to $500 each month
CHARLOTTE, N.C., (July 14, 2021) – Truist Financial Corporation (NYSE: TFC), in partnership with Commonwealth via BlackRock’s Emergency Savings Initiative, today announces the “Start. Save. Win!” sweepstakes pilot program to encourage those without adequate savings to start building an emergency fund.
Unexpected expenses often create hardships for families without access to emergency savings. When it comes to an emergency, 36% of Americans say they couldn’t cover an unexpected $400 expense.[i] And, according to a 2020 Truist National Financial Confidence Poll, 58% of Americans have less than $1,000 saved for emergencies. [ii]
The goal of this pilot, which runs through the end of November, is to help clients make saving money a habit by matching repeated savings behavior with financial incentives. Clients who open an Essential Savings account online between July 1, 2021, and Sept. 30, 2021, may be eligible to win prizes, up to $500, through the end of the promotion, based on their monthly savings deposits. The pilot is available to only SunTrust now Truist clients.
“Our purpose is to inspire and build better lives and communities, and that means helping our clients achieve financial security,” said Truist Head of Retail Community Banking Brant Standridge. “We created this pilot program to better understand what positive reinforcement behavioral strategies will best help our clients build their savings—emergency or otherwise. Our goal is to encourage those without savings to begin building an emergency fund so that they can see how the increased sense of security can add to their financial well-being.”
Truist, the first large bank to join BlackRock’s Emergency Savings Initiative, developed this pilot program in collaboration with Commonwealth, a national nonprofit dedicated to building financial security. The program is rooted in behavioral economics and best practices for designing prize-based savings programs and aims to better understand the set of incentives that will motivate people to build their personal savings.
“Behavioral economics and positive psychology have shown us that small ‘wins’—the rewards and benefits we experience—can have a big impact on the formation of new habits,” said Truist Culture Alignment and Activation Consultant Bright Dickson. “Our hope is ‘Start. Save. Win!’ will fuel small, regular savings for our clients on a pathway to reaching their larger financial goals.”
Truist has offered the account to thousands of clients, and along with Commonwealth, will use the pilot to understand how consumer savings habits change over the course of three months in order to scale the program and accelerate savings growth.
“In our experience, when given the right tools, most people make solid financial decisions,” said Commonwealth Co-Founder and Executive Director Timothy Flacke. “We are happy to partner with Truist on this pilot program, which we see as an opportunity to change systems to better meet the financial needs and aspirations of all people, including those living on low and moderate incomes—historically, a largely untapped market.”
For all the sweepstakes details, including the official rules, click here.
Truist Financial Corporation is a purpose-driven financial services company committed to inspiring and building better lives and communities. Formed by the historic merger of equals of BB&T and SunTrust, Truist has leading market share in many high-growth markets in the country. The company offers a wide range of services including retail, small business and commercial banking; asset management; capital markets; commercial real estate; corporate and institutional banking; insurance; mortgage; payments; specialized lending; and wealth management. Headquartered in Charlotte, North Carolina, Truist is a top 10 U.S. commercial bank with total assets of $518 billion as of March 31, 2021. Truist Bank, Member FDIC. Learn more at Truist.com.
Commonwealth is a national nonprofit building financial security and opportunity for financially vulnerable people through innovation and partnerships to change systems. Black, Latinx and female-led households disproportionately experience financial insecurity due in large part to longstanding, systemic racism and gender discrimination. Addressing these issues is critical to Commonwealth’s work of making wealth possible for all. Commonwealth’s collaborations with consumers, the financial services industry, fintechs, employers, policymakers and mission-driven organizations result in solutions that are grounded in real life and based on a deep understanding of financially vulnerable people. Commonwealth has designed effective innovations, products, and policies enabling over 1 million people to accumulate more than $4 billion in savings. For more information, visit buildcommonwealth.org.
[i] BlackRock, Emergency Savings Initiative, 2020
[ii] Q2 2020 Truist National Financial Confidence Poll
SOURCE Truist Financial Corporation