WOODBURY, Minn.–Ideal Credit Union said it has introduced two new programs it said are designed to help members save.
Noting that research indicates half of Americans have less than a three-month cushion in their savings account and more than a quarter (37%) of Americans have no savings account at all, Ideal CU said its new debit card RoundUp program lets debit cardholders “round up” money from every debit transaction into their savings account. Debit cardholders can choose to round up their transactions to an even dollar amount and they can also add an additional $1 - $2 dollars to every transaction.
“Many of our members have made it a goal to build their savings - Ideal’s RoundUp program makes it easy to save in small, manageable increments,” said Chief Marketing and Sales Officer Alisha Johnson. “This is a great way to round up every transaction and over time build a financial cushion.”
Higher Rates
In addition, the credit union said all RoundUp transactions are being deposited into the new RoundUp Savings Account on which members can earn 2% APY each month. To qualify, members must complete routine checking account activities such as having eStatements, completing 20 debit card transactions each month and having a recurring direct deposit of at least $750, the CU said.
Rates range from a high 2% APY for balances up to $2,500, 1% APY for balances from $2,500 - $5,000, 0.50% for balances from $5,000 - $10,000 and to .05% APY for balances over $10,000.
“To help our members save, we are rewarding our small savers with the best rates,” Ideal CU said.