Varo Launches Automatic Savings Tool, Save Your Change

Money

We’re making it easier than ever to save—and earn money on that savings—without having to think about it. By using an automatic savings app, you’ll be able to save your money on autopilot.

Our newest financial health tool called Save Your Change can automatically add hundreds or more dollars each year to your Varo Savings Account. Save Your Change will help you automatically save your money and grow your savings. 

How Save Your Change works

Having a stash of cash (aka an emergency fund) is the foundation of any money plan. But we know it can be hard to save money especially if your other monthly bills snatch up your paycheck before you can transfer an extra $100 or so into savings.

That’s why we’ve made it effortless to save money on a daily basis and in small increments with the Save Your Change automatic savings app.

When you turn on the Save Your Change feature in the Varo app, we’ll round up every purchase you make on your Varo Visa® Debit Card and other transactions to the nearest dollar. Then we’ll take that difference and automatically transfer it from your Varo Bank Account into your Varo Savings Account.

For example, you use your Varo debit card to pay for a breakfast sandwich and coffee that costs $5.20—we’ll round the purchase up to $6.00 and transfer that $0.80 into your Savings Account. Over a year with daily purchases, you could add hundreds of dollars to your Savings Account.

When you turn on Save Your Change, we’ll round up every purchase you make but you can always turn off the feature when you need to. This feature is completely free to use.

Jumpstart your emergency fund

With Varo’s Save Your Change automatic savings app you could easily add $365 to your emergency fund without even thinking about it.* If you don’t already have some cash savings set aside for emergencies, it’s a smart thing to get started as part of your long-term money plan.

Personal finance experts typically advise having between two and six months worth of expenses (rent/mortgage, food, transportation, healthcare, loan payments) in savings in case something happens to your income stream.

That number could add up to be anywhere from $2,500 to $10,000 depending on your employment prospects, your cost of living, and the number of people you support.

However, for the majority of Americans, a surprise expense of $500 would put them into debt. That’s why we want to start small with Save Your Change—by using it you can easily set aside enough to cover one flat tire or other unexpected bills over the next year.

It’s just one more way we’re living our mission to improve the financial health of everyone, one step at a time

 

*This amount is based on making two transactions a day for a total daily roundup of $1. All transactions include purchases made with the Varo Visa Debit Card; direct debits (“ACH Debits”) from your Varo Bank Account by merchants, utility service providers, and other financial institutions; ACH transfers from your Varo Bank Account to another bank account you own using the Mobile App; Bill payments (“Bill Pay”) to third-parties made from your Varo Bank Account using the Mobile App.

The Varo Visa® Debit Card is issued by The Bancorp Bank pursuant to a license from Visa U.S.A. Inc and may be used everywhere Visa debit cards are accepted.

Bank Account Services provided by The Bancorp Bank; Member FDIC.

Opinions, advice, services, or other information or content expressed or contributed here by customers, users, or others, are those of the respective author(s) or contributor(s) and do not necessarily state or reflect those of The Bancorp Bank (“Bank”). Bank is not responsible for the accuracy of any content provided by author(s) or contributor(s).