BoostSavings helps members handle unplanned expenses, while still helping them build long term savings for future events. Members enrolled in BoostSavings will have access to a line of credit that is tied to their enrollment in the program. The availability of funds from the line of credit will vary based how well they stick to their commitments—the more they save, the more they have available—until they reach their goal and have saved enough to have a more firm financial footing.
The BoostSavings product has been simplified from the original Two Grand Plan concept, removing a number of steps and ratings, for easier implementation and execution. The key difference between BoostSavings and a standard share secured loan is that BoostSavings program gives members a head start in building their emergency funds—helping them build long term savings, while immediately offering access to credit to address emergencies
Boost Savings from Filene Research on Vimeo.