Guest Post by Jeremy Grant, Text Savings Experience Owner
If you are having difficulty saving, it might be because you think that you must save hundreds of dollars at once, but small amounts can add up. This technique, known as micro savings, enables you to build savings with more manageable amounts. Text Savings leverages this concept to help new savers start saving as well as experienced savers save extra.
What is Text Savings?
Text Savings uses micro savings to help build savings account balances. After a simple and quick enrollment, text savings will move anywhere from $1-$9 a few times per week based on your checking account balance. As a safeguard, the transfer will not occur if your balance drops below $100. On average, members are saving $70/month.
How much does it cost?
There is no charge to you as a USAA member. All you need is a USAA checking account, USAA savings account, and a mobile phone.
So why is it called Text Savings?
The name comes from the daily text messages that include your checking account balance as well as a light-hearted message from Tracker the dog. Also, members can text back with various commands to personalize the experience.
What’s the deal with Tracker the dog?
Tracker is the mascot behind Text Savings and is a German Shepherd inspired by the military working dog. He is relentlessly looking for manageable amounts of money to move into your savings account.
Do I have to tell Text Savings how much or when to save?
Nope, that’s all part of the simplicity of Text Savings. Text Savings does all the work for you to determine when and how much money to save and then moves the money into your savings account.
Does Text Savings work?
Since this free tool was launched in May 2017, over 65,000 members are actively using text savings and have transferred $31.5M into their savings accounts. Not to mention, members have sent over 150,000 text messages to increase how much they save.
Micro savings is a great way to help you start saving or inspire you to save more if you are already saving. If you are ready to give micro savings a try You can try text saving here.
Have you tried Text Savings or have a question? Let us know below!
About the Author: Jeremy Grant is the Lead Experience Owner for the Text Savings program. The job is focused on being the end to end expert on the experience while taking into considerations from member feedback, technical development, and more, to develop world class experiences for our members.
Bank products provided by USAA Federal Savings Bank, Member FDIC
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