Saving can be challenging for a lot of people. In fact, according to some recent savings stats by Fortunly, nearly 70% of Americans had less than $1,000 in savings in 2020. That’s rough, as the median cost of a household emergency that same year was $2,000. We all know we should save more, but once the money hits our accounts, it seems to quickly dissipate. What if your community bank offered a smart, simple way to automate the saving process? A way that’s so subtle you don’t even notice? If you have both checking and savings accounts with UBT, enrolling in our RoundUp program is an easy way to get a jump-start on savings.
How does RoundUp work?
Remember when we used to dump all the change from our cash purchases in a big jar, then take that change jar to the bank when it filled up, resulting in a nice-sized deposit? In a world where not many people still use cash, RoundUp is a smart, effortless answer to the trusty change jar. With RoundUp, you can choose to round your debit purchases up to the nearest dollar, and the difference is transferred from your checking account into your savings account each day.
Let’s say, for example, you buy a latte for $3.65 with your UBT debit card. If you’re enrolled in RoundUp, your purchase is rounded up to the nearest whole number — so in this case, it’s $4.00 — and without any exertion on your part, the extra 35 cents is diverted to savings. This may seem like a small amount, but if you make several purchases a day, this could add up to a lot of money over the course of a few months or a year. It’s an easy, automatic way to start building up your savings just by using your checking account. What’s more, if you have your Round Up funds deposited into an interest-bearing savings account, your money’s working on making a bit more money — and it all adds up. As for that latte, you can sip in satisfaction, knowing you’re in control of your financial future. (That may be a bit dramatic for 35 cents, but you get the point.)
There are no special fees or charges to be in the RoundUp program, and there are no minimum required purchases or even any maximum number of purchases, so RoundUp savings is not only painless, it’s free. Whether you use signature-based or PIN purchases doesn’t matter; all debit card transactions from your UBT checking account are included in the RoundUp program, so saving is convenient regardless of how you prefer to spend.
Your checking account statement will list each day’s purchases using your Visa® debit card. At the end of each business day, we’’ll total the RoundUp amount and list it in one transfer to your designated savings account. Your savings account statement will show the transfer as a deposit on that same day. If you’re signed up for our combination statements, seeing all the transactions in one place is an easy review, as is our UBTgo and e-Statements.
RoundUp savings may not make sense for everyone. If you keep a very low checking balance, you could accidentally find yourself out of money due to an automatic transfer (that’s where text alerts come in handy). But if you’ve been wanting to save, but want to start small, RoundUp can help you achieve your money goal.
Interested in rounding your way to savings success? It’s as simple as having UBT checking and savings accounts and a debit card. Contact us to learn more or get started today by enrolling in RoundUp.
Don’t have UBT checking and savings accounts yet? Now’s the perfect time to open them: You can earn up to $200† when you open new qualifying checking and savings accounts with UBT and meet requirements. That’s a nice chunk of change to add to your RoundUp savings!
†Checking offer not valid for primary accountholder on existing UBT personal checking account(s). Savings offer not valid for primary accountholder on existing Simply Savings or Simply Savings Student account(s). Offer not valid if existing checking or savings accounts closed 120 days prior to 05/02/2022. Receive $50 when you open a Simply Free Checking account and complete the following within 90 calendar days of account opening: (1) have $500 in electronic direct deposits posted; and (2) enroll in e-Statements via online or mobile banking. Receive $150 when you open an interest-earning checking account (Simply Free Plus, Simply Free Platinum, or Premium Interest Advantage) and complete the following within 90 days of account opening: (1) have $2,500 in electronic direct deposits posted; and (2) enroll in e-Statements via online or mobile banking. Receive $50 when you open a Simply Savings account and complete the following within 90 days of account opening: (1) maintain a $2,500 balance; and (2) enroll in e-Statements via online or mobile banking. Bonus is credited to your active account within 100 days of account opening if you meet requirements. $50 opening deposit required on checking accounts (Simply Free Plus requires a $1,000 opening deposit). Simply Savings requires a $2,500 opening deposit in new money. Various Annual Percentage Yields (APYs) offered for interest-earning checking accounts based on the account and balance maintained. For example, Simply Free Platinum requires a $100 minimum daily balance to earn .05% APY. Simply Savings earns .05% APY. APYs accurate as of 05/02/2022. Fees may reduce earnings; rates subject to change. Promotion offers limited to one new checking account and one new savings account per person and cannot be combined with other offers. Simply Free Platinum accounts are designed for people ages 50 and over. Premium Interest Advantage is limited to residents of Douglas, Sarpy, and Washington counties in Nebraska. Promotions available 05/02/2022 to 09/30/2022. Member FDIC.