USB is among the few banks in western Connecticut to offer such a product that’s designed to make saving automatic and effortless.
Danbury, CONN. (June 2, 2022) – Prices are rising at the fastest pace in nearly 40 years, and many U.S. adults say inflation is inhibiting their ability to save money, according to a survey from bankrate.com. Union Savings Bank (USB) aims to make saving easier with the introduction of “USB Round Up,” a new automated debit card savings tool.
According to Peter Scotch, SVP, Director of USB’s Innovation Center, “We know increasing costs for rent, groceries and gas are making it difficult for people to save, so now is an ideal time to introduce USB Round Up, a free tool that enables customers to round up debit card purchases and automatically transfer that money to a USB savings account. We see an average of $.76 rounded up per transaction, so the savings can quickly add up, particularly if a customer is using their debit card often.”
USB Round Up is available to bank customers that have a USB personal checking account and savings account and a personal USB debit card. Customers set the dollar increment they would like to round up to, from $1 to $10. They simply register by logging into USB online banking or USB mobile and follow the link to the Round Up portal. Once enrolled, they can shop as they normally do, using their USB debit card in store, online, for recurring payments and subscriptions, and watch their savings add up.
Scotch said, “While a few national and regional banks in our market offer similar round up products, no community banks in western Connecticut have a program like ours, so we feel there’s a need for this and a tremendous value to our current and prospective customers with USB Round Up. Plus, our expert financial team members can guide customers with what to do with the savings as it accumulates. For instance, they may opt to transfer the funds to a higher interest-bearing account such as a CD or Money Market; we’re here to guide them with a solution that works for their personal situation.”
Scotch explained that USB Round Up is yet another example of how the bank is using technology to benefit customers in their daily lives. “This capability is the latest in a series of smart products and services that Union Savings Bank has introduced, all designed to enhance the customer experience and improve financial well-being, both of which are part of our mission.” Other recently launched services include Spending Insights, contactless debit cards, instant issuance of debit cards in branch offices, Apple Pay instant issuance, advanced debit card controls, USB Voice ID, and Early Payday.
About Union Savings Bank
Established in 1866 and headquartered in Danbury, Conn., Union Savings Bank is a $3.0 billion mutual bank dedicated to being the bank of choice. As a full-service financial institution, Union Savings Bank provides banking, mortgage, investment, trust and insurance products throughout western Connecticut with 25 offices in Bethel, Brookfield, Canton, Danbury, Goshen, Kent, Litchfield, Marble Dale, Monroe, New Fairfield, New Milford, Newtown, Ridgefield, Roxbury, Southbury, Torrington and Washington Depot. The bank provides financial services to individuals, businesses, not-for-profit organizations, and government entities through its commercial, residential and consumer lending, corporate services, retail banking and wealth management divisions. Please visit www.unionsavings.com for more information. Member FDIC. Equal Housing Lender.
Union Savings Bank