Idea #4 from Lance; rewards for saving

Posted by Estelle Thompson on at 6:07 pm

Idea #4 from Lance P

“There are rewards for spending, but not for saving. Create a rewards system for saving.

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So what do you all think? Other than having a great savings rate, do you think this is a good idea? What kind of rewards would you like to see?

Best,

Estelle

Recent Comments (6)

  1. Jacob says:

    Right now we keep a significant portion of our savings in our Dividend Rewards Checking account, because it earns a better rate. You need a savings product that provides a rate as good or better as Dividend Rewards Checking, even if it has certain requirements.

    For example, you could require regular deposits into the account to qualify for the better rate.

  2. cristie says:

    I would like to see a way that when we make a transaction with our debit card it rounds up to the nearest dollar and puts it into a savings account. Is that possible? Some banks do it already.

  3. Matthew Abbott says:

    There’s a web-based bank in development called BankSimple that is touting savings goals, similar to those in finance apps like Mint, but with more enforcement–you tell the bank how much you want to save each pay period for each goal, and it pulls the money out into virtual subaccounts, reporting back a “safe to spend” amount, which also accounts for monthly bills and the like.

    Since it’s so advantageous for us to currently keep everything in a Dividends Rewards Checking, this feature would provide us a measure of extra accountability and psychological support in our savings goals, and would provide FTCU with more feedback about the portion of our DRC that we plan to leave simmering in the account for a number of months, and when we plan to spend it. This would allow you to manage that money into securities better, and pass the interest increase to those who successfully stick to their savings goals and never dip into their long-term buffers.

  4. Florence Hughes says:

    Starbucks gift card for maintaining a certain level of savings over say six months.

  5. VS says:

    I like the idea of rounding up from debit card purchases and putting that into savings. B of A for a while was even doing a matching program – for the first 6 months of the rounding up program, they would match your savings. That was a great help.

    I do NOT like the Starbucks gift card idea. Not all of us drink coffee. And not all of us want to support a big, non-local company.

  6. Nulle says:

    Take off the e-statement requirement for div rewards chking

    increase your apr rate for inst access acct

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