What is the Saving Cents Program and How Does it Work ?

Parents teaching their kids how to save money using a piggy bank

Saving money can be difficult. With the unpredictability of the economy and the price of groceries still at an all-time high, it can feel disheartening to make a conscious effort to put a percentage of your paycheck into your savings account. But in this modern age, contributing to your savings account2 isn’t limited to those traditional methods. In fact, Academy Bank has a great tool that you can utilize when you open a checking account.* The Saving Cents1 program helps you gradually save money and
provides a wonderful alternative if your savings account isn’t growing as quickly as you would like. 

What is the Saving Cents program?

The Saving Cents program is a great tool for people to use for incrementally increasing the money within their saving accounts. With every purchase using your debit card, the total amount is rounded up to the increment of their choice. At the end of the day, all that extra change is deposited into a savings account. Gradually, the spare change from everyday purchases can make a huge difference in your savings.

How does Saving Cents work?

  1. Choose savings amount: Select how much you would like the Saving Cents program to round up from your debit card purchases. Choose from the nearest $1 to $5 increment. You can adjust the increment at any time so don’t worry about being locked into your selection.
  2. Live your life: After you select your increment, just use your debit card like you normally would. For every swipe of your debit card, we will round up the spare change. All the rounded-up cash will be automatically transferred from your checking account to your savings account each night.
  3. Watch your savings grow: To track how much you have saved, take a look at your bank statement each month. It’s an easy way to see how Saving Cents is working for you.

How do I sign up for the Saving Cents program?

To activate Saving Cents, you will also need to have a savings account.2 Once you set it up, make purchases with your Academy Bank debit card and watch as the extra change transfers into your savings account every night. To sign up for the program, simply log in to Digital Banking and send us a message. Or you can call or visit a branch and ask for assistance.

Why should I sign up for the Saving Cents program?

At Academy Bank, you’re not limited to just one way to save. From Certificates of Deposit3 to Money Market4 to the Saving Cents1 program, the best account for you depends on your financial goals. One great advantage of Saving Cents is having the freedom to choose your own timeline and dollar amount. Unlike other saving methods, Saving Cents lets you access your money whenever you want, meaning you’re not limited to waiting for a fixed term.  

With Saving Cents, you have the flexibility to save for just a few months, enjoy a summer getaway, and then seamlessly resume saving with every debit card purchase. You are in control. People who are enrolled in the Saving Cents program can leverage their spare change for countless purposes, such as: saving for a vacation, adding to the car fund, or creating a rainy-day fund for unforeseen emergencies. It’s your money, so use it how you need it. What are you waiting for? Sign up for the Saving Cents1 program today and start letting your extra change work for you!

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*Opening deposit required. Monthly service charge applies. Closing new accounts within 90 days of opening will result in a $20 early closure fee.

1 Choose from $1 to $5 increment to round up on your debit card purchases from your checking account. Each night all the extra change will automatically transfer from your checking to your savings.

2$25 minimum opening deposit required.  $100 minimum balance required to avoid $5 monthly service charge.  $5 paper statement fee applies.  Closing new accounts within 90 days of opening will result in a $20 closure fee.

3A minimum opening deposit of $500 is required.  A penalty may be imposed for early withdrawal.  Fees charged to the account could reduce earnings on the account.  CD rates are subject to change at any time and are not guaranteed until CD is opened. 

4$25 opening deposit required.  No monthly service charge- when you maintain a minimum balance of $1,000 per monthly statement cycle.  Otherwise, a monthly service charge of $10 applies.  Six (6) transactions per statement cycle allowed.  Excessive withdrawal fee of $10 per item over 6 withdrawals per statement cycle not to exceed $60 per statement cycle.  $5 paper statement fee applies.  Closing new accounts within 90 days of opening will result in a $20 early closure fee.