Redwood Credit Union members save more than $1.5 million through new financial tools and coaching program

Redwood Credit Union (RCU) members have collectively saved more than $1.5 million in just eight months thanks to a suite of new financial tools and services designed to promote financial resilience and long-term stability.
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Earlier this year, RCU introduced two automated savings tools, Simple Save and Round Up & Save, alongside a new Certified Financial Coaching program, offered at no cost to members. These initiatives aim to make saving more accessible and to provide personalized guidance for financial planning.

Having inadequate savings can result in a lack of financial stability, security, and opportunities for long-term growth. The standard budgeting advice of setting aside 3 to 6 months of expenses for emergencies doesn’t work for many people. Most Northern California residents live paycheck to paycheck and struggle with ways to start saving money. RCU provides members with ways to save that are easy, repeatable, realistic, and attainable. This includes helping those who need it to get started with smaller, manageable steps before graduating to bigger steps.

According to RCU, 72% of members have savings of over $500 which is 4% higher than national average of 68%. The credit union attributes this progress to its focus on meeting members where they are and helping them build savings incrementally.

“We want our members to be as financially resilient as possible,” said Brett Martinez, President and CEO of RCU. “Whether it’s preparing for a natural disaster, a family emergency, or back-to-school expenses, our goal is to help our communities stand strong financially.”

Simple Save, launched in April, automatically transfers a selected percentage of new checking deposits into savings. Round Up & Save, introduced in January, rounds up debit card purchases and transfers the difference into savings. Together, these tools demonstrate how RCU’s commitment to innovative solutions deepens social impact while helping members build financial wellness.  

One RCU member recently reported that using both Simple Save and Round Up & Save helped them easily save $15 to $20 per week, which has quickly added up to more than $300 in their savings account.

“I could have really used this type of savings tool ahead of unexpectedly having to replace my car’s alternator last year,” said the RCU member. 
 
In addition to the new savings tools, RCU’s Certified Financial Coaching program provides free, confidential support in setting financial goals and learning to reach them by budgeting, saving, debt repayment, and credit building.  The program is supported by over 80 RCU team members, all certified through the Financial Counseling Certification Program (FiCEP) offered by America’s Credit Unions. Financial Coaching appointments are available by video call or in person at any of RCU’s 22 branches, and can be scheduled online.

“Our Financial Coaches often hear that members feel more confident and less stressed after talking through their financial situation,” said Jose Alvarez, Regional VP of Member Experience at RCU. “These conversations empower our members, offering real solutions and personal support to turn financial dreams into achievable goals.”

RCU serves eight counties across the North Bay and San Francisco and continues to invest in programs that advance the financial well-being of its members and communities.

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