Posted On: September 27, 2023 by Prevail Bank in: Banking
Saving Makes Cents Program – How it Works!
We understand saving money can be a struggle sometimes. There are bills to pay, groceries, taking care of family needs, emergencies, etc. You may often question yourself – “How can I even begin to save?” We get it and we’re here to help.
Tip: Saving money doesn’t always have to be in large amounts at a time. Start Small!
We created a program called “Saving Makes Cents.” (I know, we love the name too!) This program is designed to help you get a jump start on your savings journey. You’ll be able to save money without even thinking about it! Before you know it, your savings account will already have accumulated a good amount for you.
Still curious? Let’s dig a little more into this!
How does the program work?
Whenever you make a purchase with a Prevail Bank Debit Mastercard, it will round up to the next whole dollar and automatically transfer the change to your Savings account. It’s that simple!
If you make a purchase of Coffee for $2.45, our program will round that total to $3.00 in your Checking account; with $2.45 going to the Coffee shop, and the round-up of $0.55 will be transferred into your Savings account. See below for an example of how much you could save when you make just three purchases.
From the example, a total of $1.50 will be added to your Savings account at the end of the business day. This amount might not seem much right now but over time, it’ll build up without you even realizing it. A little savings here and there goes a long way!
| Item Purchased with Prevail Bank Debit Card | Price | Rounded Up | Transferred to Savings Account |
|---|---|---|---|
| Coffee | $2.45 | $3.00 | $0.55 |
| Gas | $31.27 | $32.00 | $0.73 |
| Groceries | $42.78 | $43.00 | $0.22 |
In order to participate in the Program, you must have three products: (1) Prevail Bank personal Checking Account (Money Market Accounts are ineligible), (2) Prevail Bank Debit MasterCard, (3) Prevail Bank personal Savings Account.
Each time you use your Prevail Debit MasterCard to make a point of sale purchase, Prevail will automatically round up your purchase to the nearest whole dollar amount and transfer the amount in excess of your purchase price from your checking account into your savings account. We will add together all the change from the aggregate of purchases that post to your checking account each business day and make a single transfer at the end of the business day. At the time of the transfer, if your checking account does not have a sufficient available balance to pay the transaction or the transfer, then no transfer will occur for that day.
Bank transactions such as ATM withdrawals, checks, wires, deposits and transfers are not transactions that are eligible for the program. Not available on Business Accounts, Individual Retirement Accounts or Health Savings Accounts.
Who can join the program?
All Prevail Bank customers with a Checking account, Savings account, and Prevail Debit Mastercard can join the program. Not a customer yet? Visit a Prevail Bank location and we’ll get you started!
How do I sign up? How much does it cost?
This program is completely FREE to join for all Prevail Bank customers! To sign up, give us a call at 800.205.0194 and speak to a customer representative or visit a Prevail Bank near you. Our team will be happy to help and answer any questions you may have.
How does this program benefit you?
Save money by starting off small! Our Saving Makes Cents program will simply do the job for you. This can be a real game changer for your finances in the long run. One of the best feelings is checking your Savings account and seeing there’s more money in there than you thought. Join our Saving Makes Cents program today and start watching your savings grow!
