Build Your Savings a Little at a Time

A few years ago, we started TCU Everyday Savings in an effort to help our members easily build their savings a little at a time. Every time you make a purchase with your TCU Visa® Check Card, we round that purchase to the nearest dollar amount and transfer the difference from your checking account to your savings account with no charge to you. Some members have been surprised to see their savings grow a few hundred dollars over the course of a year, even without putting any additional money in themselves. Those who have been using Everyday Savings and a Systematic Savings Plan have really been pleased to see their savings grow like never before.

Systematic Savings is an automated savings plan. You tell us how much you'd like to save every month–whether it's $10 or $1000–and that amount automatically transfers from your checking to a savings account of your choice on a specified date. Depending on the amount of money you're moving every month, this can take some time getting used to, but start out small and slowly increase the amount. Let's say you were saving $25 a month with Systematic Savings, but you get a $50/mo. raise at work. Just bump your amount to $50 per month and you'll still have an extra $25 going into your checking. This small monthly amount will increase your savings by $300 per year!

Comments

[Kelly]

Thanks Tony! That helps a lot!

[Tony]

Kelly,
Everyday Savings is not automatic until you call the Member Call Center at 800-552-4745 or stop into a service center to tell them you want it. It doesn't cost you anything, you just have to give TCU permission to activate it and to tell them where you'd like the transfer to go (Your regular savings account, money market account, etc.). Once it's activated, the difference will transfer every time you use the card. A lot of people also like it because it makes it easier to balance your checkbook--you just round up to the nearest dollar.
As for the rebate, you have to spend at least $6000 between October 1 and September 30. Once you reach that limit each year, the rebate kicks in. The maximum rebate amount is $500 but you can double it to $1000 if you use it with a TCU product or service. Your rebate doesn't expire for three years so you can carry it over to save even more. I hope this information helps.

[Kelly]

Thanks for the info Tony. But, I still didn't see in your post or on the website you mentioned how to sign up for Everyday Savings. Is it automatic? If so, I haven't seen any such deposits into my savings account yet. (or is it once a year as well?) Also, it seems like I remember the gal at the bank mentioning something about getting the Check Card rebate only if I've spent a certain dollar amount within a year. Is that true? Thank you for your help!!

[Tony]

Kelly,
What she was talking about was the TCU Visa Check Card rebate. When you use it like a credit card (where you sign the receipt) you get .5% back. At the end of the year (in October) you'll get a check back or you can double your rebate if you use it towards a TCU product like a mortgage, travel, loan, etc. You also use the Visa Check Card with TCU Everyday Savings. Every time you use it, TCU will round the amount of the purchase to the nearest dollar and put that amount in a savings account of your choice. For example: if you buy $75.20 worth of groceries, .80¢ will be transferred to your savings. Over the course of the year, you'll be surprised at how much you save. Love the questions! You can find more info here:
https://www.tcunet.com/DepositProducts/Checking/

[Kelly]

I'm new to TCU - I just opened up a checking/savings account this past spring. I think I recall the gal talking about a program when I opened my account where if I use my new debit card to make purchases, and I SIGN for those purchases rather than just use the debit option, and I spend a certain dollar amount per year that I'd earn a small percentage back. Is that what the "Everyday Savings" program is, or is it something I need to actually sign up for? Thank you!

[Tyrone]

This is a nice way to earn some extra savings. It is easy and you don't notice it as much as you would when you just pull big chunks out.