Smart Savings

Smart Savings is a simple, convenient and automatic program that makes it easy for your customers to save more. Their everyday debit card purchases are rewarded with automatic transfers to a linked savings account. They're then rewarded further with an annual bonus based on how much they save and use their debit card.

These automatic savings programs have been very successful at mega banks. Bank of America's Keep the Change® program, launched in 2006, has over eight million customers with more than $10 billion in savings. Wachovia's Way2Save® program in 2008 has 1.1 million savings customers, 375,000 of whom are brand new to Wachovia. About a third of these programs' account holders are between the ages of 19 and 29, indicating a strong interest in saving by this in-demand market segment.

Smart Savings lets you compete against the big banks and others who'll soon be offering automatic savings programs given its success. You'll get low cost savings deposits and fee income from increased debit card usage. And a linked savings/checking account relationship that rewards customers by turning everyday purchases into everyday savings will increase retention. Plus you'll be offering something that's attractive to the 19-29 year old demographic.