CommonWealth One is helping to improve Americans’ savings rate

ALEXANDRIA, VA (April 14, 2015) — CommonWealth One Federal Credit Union is partnering with “America Saves,” a national campaign involving non-profit, government, and corporate groups that encourages individuals and families to practice good savings behavior and to assess their own saving status. As part of the campaign this year, CommonWealth One donated $250 to the Virginia Cooperative Extension Agency, which was combined with a $1,000 grant the agency received to sponsor an essay contest at TC Williams High School in Alexandria. Students Amir Shareak, Cobie Johnson, and Matiza Sacotingo were contest winners. The credit union also partnered with Alexandria Dollarwi$e Committee and Virginia Cooperative Extension Agency to offer an evening seminar on basic investing.

“According to the U.S. Bureau of Economic Analysis, personal savings in the U.S. increased to 5.50% in January, 2015 from 5% in December, 2014. That’s not much of a cushion. America Saves encourages members to set goals and save for a reason, which helps make saving a habit,” stated Susanne Waltemyer, CommonWealth One’s business development manager.

“We encourage children to save, too, because studies show that when kids are encouraged to save, they maintain the habit throughout adulthood,” says Waltemyer. CommonWealth One offers youth accounts, including the Lil’ Sprout Account, a special savings account for children up to 4 years old; Centsables, where ages 5-12 learn about money in a fun way; and the SmartSavers Club, for 13-17 year-olds that encourages smart money management.

About CommonWealth One Federal Credit Union

Since 1944, CommonWealth One Federal Credit Union, headquartered in Alexandria, VA, has grown to become one of Washington, D.C. and Northern Virginia’s top credit unions with more than $324 million in assets serving more than 29,000 members. CommonWealth One is a full-service, member-owned, not-for-profit financial cooperative committed to being its members lifetime financial partner. CommonWealth One has branches in Washington, D.C., Alexandria, VA, and Harrisonburg, VA (including at James Madison University). Members can access their accounts through Online Banking, Mobile and Text Banking, plus a network of over 55,000 ATMs and 6,900 shared branches.

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