The 75,000 members of the $1.2 billion NuVision Federal Credit Union in Huntington Beach, Calif., have saved $3.5 million so far this year in interest on mortgage, auto and credit card loans by refinancing existing loans with the credit union, NuVision announced.
The credit union announced the Switch and Save Challenge in January, and pledged to save members $26 million in loan interest in 2013.
The credit union added a loan calculator on its website that members and non-members can use to determine what they could save by refinancing.
“This is a great program that has really inspired our members to take action,” said L.J. Tarman, NuVision’s vice president of marketing.
“Members are taking advantage of NuVision’s low interest rates by refinancing their existing home loans, car loans and credit cards. Our goal is to help our members save $26 million on loans they already have. The best part is that everyone is eligible for membership,” Tarman said.