A penny saved can become several dollars earned
Staff writer
Consciously saving money can be difficult, especially if it requires putting money into a separate account. Several banks, including Central National Bank in Marion and Hillsboro, offer roundup savings plans to help.
Central introduced its roundup plan, “It Makes ¢ents,” five years ago. Every purchase an account owner makes with a debit card is rounded up to the nearest dollar or to any amount up to $10, as designated by the owner. The extra money is put into a separate savings account — either personal or business.
“You don’t miss that extra quarter normally, but I can look into my savings account and see that extra deposit, that extra deposit, and that extra deposit,” account owner Gayle Venturella said.
Many Central patrons use the program passively and later transfer the money into different accounts. It also can be attached to a specific account that waives the bank’s six-deposit monthly limit.
The bank will make an additional deposit matching 5% of the rounded savings total, up to $50, at the end of each statement cycle.
Roundup apps such as Acorns, Chime, and Qapital also can be connected to a credit or debit card, round up purchases to the next dollar, and put the extra money into an account.
Some offer interest payments on saved money or offer other financial services such as stock trading and personalized financial advice.