Savings that's sensible
Unconscious Savings… That’s what CENTSiBLE SAViNGS is. Savings that just happens whenever you use your First Bank debit card.
CENTSiBLE SAViNGS helps you save & earn interest!
Each time you use your First Bank debit card, the amount will be rounded up to the nearest dollar. The difference will transfer over to a savings account (example: spent $20.01 in gas with debit card, then $21 will be deducted from the checking with a $0.99 transfer going to the savings account.) This will occur in two transactions – the debit amount ($20.01) and then a transfer of the difference ($0.99).
For the first 60 days, First Bank will match each transfer. The 100% matching funds will be paid at the end of the 60 days. This is considered “interest” and will be reported on a 1099-INT at the end of the year in which the matching deposit occurred. The maximum amount First Bank will match is $100.
If the purchase amount with debit card happens to be an even amount – no round up & transfer will occur. If there are not enough funds in the checking account to process the transfer – the transaction will not generate.
The feature is at the account level, not the card level. For example, if husband and wife are co-owners on an account and each have a debit card that link to the account, it will not be possible to provide the features to husband and not to wife, as the enhancement is an “account feature”. Once the feature is turned on the checking account, any debit card transaction will trigger the rounding change to transfer regardless of who uses what debit card.
Review your monthly bank statements to see how much you have saved!
Below is an example of how CENSTiBLE SAViNGS works for you: