Russian bank rewards customers' sweat with higher interest rates
Sport & Fitness
The Alfa-Bank in Russia has created a new account with a high interest rate of 6% per annum, which users can only pay into by exercising with a fitness tracker.
There are countless initiatives designed to get the public fitter and healthier, but (perhaps unsurprisingly), it’s often those that offer a financial incentive that prove the most effective. We’ve already seen gym classes which become cheaper the more the user works out, and Nike’s Facebook app which enables runners to pay for products with kilometers they have run. Taking the link between financial savings and health benefits to an even more literal level, we’ve now come across a Russian bank offering a new account which rewards customers for every step they take.
To take advantage of Alfa-Bank’s fitness account, and it’s high interest rate of 6% per annum, users first need to sync their Jawbone, RunKeeper or Fitbit fitness tracker to the bank. Then, using the new Activity™ software, the user decides how much their activity is worth. They can select for every step or meter they walk or run to transfer between 1 to 50 cents into the fitness savings account to enjoy the high interest rate. In essence, the more the user walks, sweats, and exercises, the more they’ll save. The video below shows the initiative in action:
Created with Moscow-based advertising agency and marketing consultancy 42 Agency, the idea is already proving a hit with beta testers. How else could banks take a greater role in their customers’ lives for the better?
4th June 2014