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Who has the time to stick to a savings plan. If you’re having part of your paycheck sent to your savings each pay period, you already know that making saving automatic is the way to go.
If you’re looking for even more convenience, there’s an easy way to increase the amount in your account: Spend to Save. It’s easy to set up and free for Arsenal members. All you need is a checking account with a debit card.
Spend to Save makes saving automatic
Spend to Save rounds up transactions you make using your Arsenal debit card and automatically deposits the change into your savings account. For example, a $12.46 purchase would be rounded up to $13.00, with 54 cents transferred to your savings account.
There’s no additional app to download – you can view all Spend to Save transactions within online or mobile banking.
How much can I expect to save?
Here’s what the average person pays each time they make a transaction at one of these popular retailers or service providers:
Starbucks: $2.30
Lowe’s: $65.74
Amazon: $36.35
Uber: $25.73
QuikTrip: $30.22
McDonald’s: $4.75
Schnucks: $217.09
With Spend to Save, you’d have an extra $3.82 in your savings account each week. In a year, you’d save an extra $198.64.
How do I get started?
First, you’ll need a checking account at Arsenal with a debit card.
Visit a branch or start a live chat and we’ll set you up on the spot.
After you’re enrolled in Spend to Save, use your debit card and watch your account grow.
When viewing your online and mobile banking accounts, Spend to Save transactions will appear as “Deposit SPD2SAV Transfer.”
For accounting purposes, if more than one debit card transaction posts to your account in a calendar day, the change will be totaled and transferred to your savings account and show as a single “Spend to Save” transaction. For example: on purchases of $12.64, $33.17 and $68.41, the transferred amount will show as $1.78 in your savings account, reflecting 36 cents, 83 cents and 59 cents being added up.
If the transfer of “Spend to Save” funds would result in an overdraft, the transfer will not occur.
