Marionnette
Children see magic because they look for it
- Joined
- Sep 26, 2009
- Messages
- 19,509
I was reading a magazine article about saving and they mentioned this ap. The idea is that you supply them with your checking account info, the same for a savings account and then a "spending vehicle" like a credit card or debit card.
Money is transferred from your checking account to your savings account based on a percentage of your spending when you use your "spending vehicle". The percentage can be set by you, ranging from 5%-20% of what you spend. The idea is that you won't have to actively save, which American are apparently especially poor at doing. It's sort of like Bank of America's Save the Change feature where they round up your purchases to the nearest dollar and then deposit the "change" into your savings.
I was wondering what's in it for them if the ap is free and they don't charge for this service? Well, it turns out that they debit your account all week for your purchases and then hold the money until the end of the week when they make a single deposit to your savings account.
I don't think that I'm going to do it. I don't like the idea of trying to keep track of random withdrawals from my checking. I can preset a consistent amount of money to be transferred to my savings account each week and I know ahead of time when it will be taken out and how much it will be. I also know that I'm on track to meet my savings goal. But I thought that I would throw this out there for any of you who may be interested or to get input from people who are using it as a method to save for Disney.
Money is transferred from your checking account to your savings account based on a percentage of your spending when you use your "spending vehicle". The percentage can be set by you, ranging from 5%-20% of what you spend. The idea is that you won't have to actively save, which American are apparently especially poor at doing. It's sort of like Bank of America's Save the Change feature where they round up your purchases to the nearest dollar and then deposit the "change" into your savings.
I was wondering what's in it for them if the ap is free and they don't charge for this service? Well, it turns out that they debit your account all week for your purchases and then hold the money until the end of the week when they make a single deposit to your savings account.
I don't think that I'm going to do it. I don't like the idea of trying to keep track of random withdrawals from my checking. I can preset a consistent amount of money to be transferred to my savings account each week and I know ahead of time when it will be taken out and how much it will be. I also know that I'm on track to meet my savings goal. But I thought that I would throw this out there for any of you who may be interested or to get input from people who are using it as a method to save for Disney.
