What is RoundUp?

Saving can be challenging for a lot of people. In fact, according to a survey conducted by Forbes, more than one in four Americans have savings below $1,000, with many citing rising living costs as the main reason. We all know it’s good to save, but once the money hits our accounts, it seems to quickly dissipate. That’s why UBT has created a way to automate the savings process a little bit at a time with the RoundUp program. If you have both checking and savings accounts with UBT, enrolling in RoundUp is an easy way to jump-start some positive saving habits.

How does RoundUp work?

Remember when we used to dump all the change from our cash purchases in a big jar, then take that change jar to the bank when it filled up, resulting in a nice-sized deposit? In a world where many people rarely use cash, RoundUp is a smart, effortless answer to the trusty change jar. With RoundUp, you can choose to round your debit purchases up to the nearest dollar, and the difference is transferred from your checking account into your savings account each day.

Let’s say, for example, you buy a latte for $3.65 with your UBT debit card. If you’re enrolled in RoundUp, your purchase is rounded up to the nearest whole number — in this case, $4.00 — and without any exertion on your part, the extra 35 cents is diverted to savings. This may seem like a small amount, but if you make several purchases a day, this could add up to a lot of money over the course of a few months or a year. It’s an easy, automatic way to start building up your savings just by using your checking account. What’s more, if you deposit your RoundUp funds into an interest-bearing savings account, your money’s working on making a bit more money — and it all adds up.

Hassle-free savings

There are no special fees or charges to join the RoundUp program — it’s totally free — and there is no minimum or maximum number of purchases required. It doesn’t matter if you use signature-based or PIN purchases — all debit card transactions from your UBT checking account are included in the RoundUp program, so saving is convenient regardless of how you check out.

Your checking account statement will list each day’s purchases using your Visa® debit card. At the end of each business day, we’ll total the RoundUp amount and list it in one transfer to your designated savings account. Your savings account statement will show the transfer as a deposit on that same day. If you’re signed up for our combination statements, seeing all the transactions in one place is an easy review, as are our paperless statements.

RoundUp savings may not make sense for everyone. If you keep a very low checking balance, you could accidentally find yourself out of money due to an automatic transfer (that’s where text alerts come in handy). However, if you’ve been wanting to save but want to start small, RoundUp can help you achieve your money goal.

Interested in rounding your way to savings success? It’s as simple as having UBT checking and savings accounts and a debit card. Contact us today to learn more about enrolling in RoundUp.