How much did you save from your last paycheck? If your answer is “I don’t know,” or “not much”, you’re not alone. Saving money is just plain hard. It requires us to make complicated decisions such as how much do I save and when. It’s no wonder many of us end up doing nothing, and it’s why personal finance experts recommend automating your savings plan.
Introducing “Save When I Get Paid.”
Our “Save When I Spend” automatic savings program has already saved Chime Members millions of dollars with Round-Ups on purchases and now Chime members have another way to automate their savings. Our new “Save When I Get Paid” feature helps members save even more money without having to think about it. When you enroll in this feature, you’ll set aside a portion of your paycheck as soon as you receive it.
It turns out this “pay yourself first” approach works! Members who tested Save When I Get Paid in beta have already seen a big jump in savings. In fact, members enrolled in the new program saved $217/month on average– almost double what others saved.
This new feature builds on our “Save When I Spend” Round Up program that helps members save automatically every time they use their Chime card to pay a bill or make a purchase. Members enrolled in both Save When I Spend and Save When I Get Paid saved $382/month on average or more than 3x compared those not enrolled.
How to Start Automating Your Savings Today in 3 Steps
1) If you haven’t already, sign-up for Chime and you can start saving money automatically!
2) Enroll in the “Save When I Spend” Round Up program and every time you pay a bill or make a purchase with your Chime card, we round up the transaction amount to the nearest dollar and transfer the round-up from your Spending account into your Chime Savings account.
3) Set-up direct deposit by providing your employer with your Chime account number and bank routing number. You can find this information in the Chime mobile app by tapping Move Money. Then tap on the gear icon in the mobile app to go to Settings where you can enable Save When I Get Paid. Once enabled, 10% of every paycheck will be automatically deposited into your Chime Savings Account.
Try it out today, and let us know what you think! We’ve gotten some great suggestions so far, and we’re considering updates to the feature such as allowing members to choose the percentage of each paycheck. Stay tuned for more ways to save!