Nearly half of Americans want to improve their savings habits in 2025, according to a 2025 report from the Certified Financial Planner Board of Standards. Knoxville TVA Employees Credit Union ($4.6B, Knoxville, TN) is on track to help with that.
Last summer, KTVAECU unveiled its Set It & Forget It Certificate Account to make it easier for members to save. The need is certainly there — Americans saved just 4% of their income in the third quarter of 2024, and roughly 27% of U.S. consumers have no emergency savings at all.
That’s where Set It & Forget It comes into play.
“You add to the account with automatic deposits, leave it be, and you’re routinely going to save every month,” says Charlotte Havely, KTVAECU’s vice president of marketing. “We love the idea that not only are you saving but we’re making it easy for you to save.”
It Started With Employee Feedback
Designed as a low-risk, high-yield option, Set It & Forget It requires only a $25 monthly deposit and returns 2.00% APY for 12 months or 3.00% APY for 24 months. There are no limits on additional contributions.
The low barrier to entry makes the account more accessible than the initial investment traditionally required for certificates, which can range from $500 to $2,500, and the higher interest rates beat the 0.42% national average.
Importantly, the account fulfills a need among KTVAECU membership.
The idea for the account came directly from credit union employees after an internal professional development class. According to Havely, a group of five younger employees voiced their frustration over the fact they wanted to take advantage of the credit union’s certificate accounts but just couldn’t make the minimum initial investment. They wanted an option for younger people who have less money to set aside.
To raise awareness with younger audiences, KTVAECU focused its promotional efforts on social media marketing, along with the usual in-branch signage and a landing page on the credit union’s website.
“Instagram, TikTok, YouTube — all of those channels are catered to a younger demographic,” Havely says. “We wanted to get this message in front of everyone we could so they could see how cool this savings account is.”
The focus on younger members also informed the decision behind when to launch.
“August is back-to-school time here in East Tennessee,” Havely says. “And it’s when a lot of the collegiate students also are starting a new semester.”
Early Results Will Shape 2025
CU QUICK FACTS
Knoxville TVA Employees Credit Union
HQ: Knoxville, TN
ASSETS: $4.6B
MEMBERS: 285,151
BRANCHES: 24
EMPLOYEES: 639
NET WORTH: 10.0%
ROA: 1.42%
By the end of 2024, KTVAECU had opened a total of 341 Set It & Forget It accounts, with balances totaling approximately $400,000.
“Members were excited,” Havely says. “Maybe they didn’t have the initial investment for some of our other certificates before, but now they can access one and continue to contribute to it knowing they are going to get a higher dividend.”
She says what the credit union didn’t expect was the average age of the account holder — which is 40. It goes to show savers of all stripes are eager to set aside some money for a rainy day.
Looking ahead, KTVAECU plans to continue to adjust its marketing strategy as well as boost its financial wellness initiatives.
“Teaching strong financial foundations is a big part of what we do as credit unions,” Havely says. “That emphasis on financial wellness comes from the board level to the executive team to the entire organization. We are all working together to create opportunities for our members, and we thought this product would be a great way to start the conversation.”
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