What are embedded savings?

Embedded savings are where financial services are integrated into non-financial areas. This is often enabled by technology, but what matters is that it helps people to manage their finances alongside their lives, rather than having to stop and deliberately engage separately with their savings provider.

Embedded savings are a great way for building societies and credit unions to address a local issue, supporting their members to better manage their money.

What’s an example?

One great example will appeal to regular football-goers as they look ahead to next season. They might be looking to buy or renew their season ticket, which can be a big expense, alongside other spending over the summer months.

Capital Credit Union, located just a few streets away from Easter Road, home of Hibernian Football Club, has worked alongside Hibs to introduce simple and convenient options for fans to cover of their season tickets and make it more affordable. 

One of the options is the ‘Save of the Season’. Hibs fans put aside a small amount each week over the year, so that when it comes to the start of the season, they have already built up the money to pay for their new season ticket. This will really help people afford the annual ticket ahead of the new season, without having the payment shock, or risk of getting into problem debt.

“In a ground-breaking collaboration, Hibs and Capital Credit Union have led the way in making season ticket finance affordable and accessible.” Ben Kensell, CEO, Hibernian Football Club

By identifying a challenge many local people face, Capital Credit Union together with the football club have come up with a way that supports their community, providing a solution that fits with the lives of local people. And while the Save of the Season can help to deal with the financial ups-and-downs of being a football fan, sadly it can do less about the ups-and-downs on the pitch!

“With a successful season of providing affordable season ticket finance to Hibs supporters behind us… we can now offer affordable season-ticket-financing options to every Scottish professional football club.” Marlene Shiels, CEO, Capital Credit Union

Find out more: https://www.hibernianfc.co.uk/news/2022/october/03/Save-Of-The-Season-With-Capital-Credit-Union/ 
 

UK Savings Week

UK Savings Week is a BSA-led campaign focused on the benefits of saving and building positive savings habits. UK Savings Week (UKSW) 2024 will run from 9 – 15 September.

The BSA launched UKSW in 2022 in the midst of a cost-of-living crisis, when people had to pay attention to their finances more than ever before. The campaign has grown year on year and partners with a large variety of organisations to spread the message. In 2023, over 300 organisations supported the campaign.

If you would like to get involved or find out more, please contact us at uksavingsweek@bsa.org.uk.