Saving money can be a challenge. Life gets busy, routines take over, and setting money aside often falls off the to-do list.
But saving for the future doesn’t have to be hard; GLCU’s Spend and Save Program makes it simple by automating the process. It’s an easy, hands-off way to build savings for emergencies, major purchases, or future goals.
How Does the Spend and Save Program Work?
The Spend and Save Program is simple by design — that’s why it’s so effective. It’s a hassle-free way to set money aside while you go about your day.
Every time you use your GLCU debit card for any purchase — whether you’re buying groceries, filling up your gas tank, dining out, or purchasing anything else — the amount is automatically rounded up to the nearest dollar. The “spare change” from each transaction is then transferred from your GLCU checking account into your GLCU savings account. Your savings grow quietly in the background without you doing anything to make it happen.
Let’s say you grab lunch at your favorite cafe for $9.45. With GLCU’s automatic savings program, your purchase is rounded to $10.00, and the extra $0.55 is transferred to your savings account. With no extra effort, your routine purchase helped you take a step toward your savings goals.
Although the amounts may seem small, they can add up over time, especially with frequent purchases. Just think about your daily routine and how many transactions you make. Maybe your typical day includes morning coffee, lunch, gas, groceries, and a quick stop at the dry cleaner. Over a month, those small amounts can potentially grow into $20, $30, or even $50 in additional savings.
Spend and Save Fits into Your RoutineWorks for Everyone
Do you often forget to add to your savings? There’s no need to change your spending habits with the Spend and Save Program—everything happens automatically. Just use your debit card, and the extra change will be deposited into your savings account.
The Spend and Save Program is also a good option for those with tight budgets. Because the round-up amounts of up to $0.99 per transaction are small, they’re unlikely to strain your finances. There are no enrollment or ongoing fees, and no withdrawal fees when you need access to your funds. It’s a simple, flexible way to save for your goals—on your terms.
Busy with work, family, or life in general? Spend and Save works automatically once it’s set up, helping you grow your savings without any extra effort. You can go about your day while your balance steadily increases, no extra steps, no stress.
What You Need to Get Started
To get started with the Spend and Save Program, you’ll need both a GLCU checking account and savings account. The two accounts work together in the program. When you make purchases with your Visa® debit card, money is drawn from your checking account. The extra change is then transferred to your savings account.
GLCU’s checking account simplifies your everyday banking. Features include:
- No monthly maintenance fees
- Visa® debit card
- Online and mobile banking access
- Free eStatements and eAlerts
- Account access at over 5,600 branches through CO-OP Shared Branching
- Access to nearly 30,000 surcharge-free ATMs nationwide
- No minimum monthly balance requirement
- Accounts are NCUA insured for up to $250,000
GLCU offers four savings accounts that can be used with the debit card savings program:
Share Savings: Enjoy no monthly fees with our basic savings option and gain flexible access to your funds when you need them.
Special Savings: Ideal for emergency funds, paying for college, rainy days, and other needs.
Holiday Savings: Save for the holidays all year long so you can celebrate with friends and family, without the financial stress.
Youth Savings: Young members learn the value of saving with a simple, rewarding youth savings account built just for them.
An essential key to the Spend and Save Program is using your Visa® debit card for your everyday purchases. The program activates every time you use your card while shopping in-store or online. Each transaction is an opportunity to save money with your debit card to bring you one step closer to your financial goals.
How to Open an Account and Enroll
Opening GLCU checking and savings accounts and enrolling in the Spend and Save Program is quick and easy. It just takes a few minutes to set everything up.
Members can open accounts and enroll by following these steps:
- Open a GLCU checking account: This will be your primary spending account. It comes with a free Visa® debit card for your everyday transactions. You can apply online, visit a branch, or call by phone.
- Open a GLCU savings account: When you make purchases, the extra change will be transferred to this account. You can open a savings account at the same time you open a checking account.
- Enroll in Spend and Save: Once both accounts are active, enroll in Spend and Save online, at a branch, or by phone.
- Start using your Visa® debit card: Every time you make a debit card purchase, the amount will be rounded up, and the “change” will be transferred to your savings account.
There are no fees to enroll in the Spend and Save Program, and there is no complicated setup process. You’re also not locked into anything. You can cancel or pause the program at any time.
Make Every Purchase Work for Your Future
Saving money doesn’t require a lot of planning, a detailed spreadsheet, or sacrificing the things you enjoy in life. Enroll in the Spend and Save Program today so every debit card purchase you make helps you achieve your savings goals — without any extra effort on your part.
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The information in this post is for educational and informational purposes only and does not constitute investment or financial advice. You should consult a licensed financial advisor before investing in any financial product or service.
