Automatic saving made easy
Believe it or not, at Bank Michigan, you can actually save when you spend. Every time you swipe your debit card, you save. With Savings Made Simple from Bank Michigan, your nest egg is essentially on auto-pilot – you get to watch your balance grow as you make everyday purchases. This type of round-up savings account is an effortless, painless way to save money, and it’s just one more way we’re helping you with your financial health.
How does an automatic savings account work
When you sign up for Savings Made Simple, we round your debit card transactions up to the next dollar and transfer the difference to the Bank Michigan savings account of your choice. So, any debit transaction that isn't a whole number will be rounded up. That means auto payments linked to your debit card qualify, as well as purchases you make online or in stores. Pick up groceries, fill your tank with gas, order more dog food online, set up auto payments for your bills… live your life as you normally would today, and see the savings grow for tomorrow.
Everyday savings that adds up
With Savings Made Simple, your round up savings are compiled in a single transfer each day. So, let's say on a given day you spent $4.49 on a breakfast sandwich, $9.61 on lunch, $30.21 on gas, and your electric bill was auto debited for $110.80. The breakfast transaction would add $0.51 to your savings, $0.39 for lunch, $0.79 from the gas purchase, and $0.20 from the electric payment. So, your total round-up amount for the day would be $1.89, which will be transferred the next day automatically from your Bank Michigan checking account to the savings account of your choice.
Now, $1.89 may not sound like much. But, the point of automatic round-up savings is to help people who feel like they can't afford to save, or can’t remember to save, and to simply make a little savings add up to big savings some day. With Savings Made Simple, small daily transfers add up to something bigger, and you simply go about your everyday routine without feeling like you’re burdened by saving.
Start saving today
Enroll. Stop by any Bank Michigan branch location to have a team member enroll your checking and savings accounts in the Savings Made Simple program.
Shop. Spend as you normally would using the Bank Michigan debit card tied to your checking account.
Save. Each time you make a purchase with your Bank Michigan debit card, the purchase price will be rounded up to the nearest whole dollar amount. The difference will automatically be transferred into your Bank Michigan savings account.
Savings Made Simple at Bank Michigan: helping your financial health.