bank rates

Try This Smart Way To Save As You Spend

Every time you use your debit or credit card money is transferred from your checking to money market account.
U.S. Bank continues to promote one of the best spend-and-save programs around.

The “Savings Today And Rewards Tomorrow” or S.T.A.R.T. program is available to customers with one of its checking and money market accounts.

It’s more generous and flexible than other programs that automatically add to your savings each time you buy something.

And while you’ll earn a pittance in interest, you can boost your return by qualifying for up to $100 in bonuses.

The program transfers whatever amount you choose — anywhere from 25 cents to $5 — from your checking account to your MMA each time you buy something with a U.S. Bank debit or credit card.

If you have a U.S. Bank FlexPerks Cash Rewards Visa Credit Card or FlexPerks Cash Rewards Visa Check Card, you can have your monthly FlexPerks Cash Rewards deposited in your money market account.

You can also arrange for regular transfers each week or month, corresponding to when you get paid.

There’s no limit on how many transfers you can make or how much you can move each month.

After you’ve accumulated $1,000, U.S. Bank will give you a bonus — a $50 U.S. Bank Rewards Visa Card.

Maintain a balance of $1,000 or more for a year, and you’ll earn another $50 Rewards Card.

Once you’ve signed up for S.T.A.R.T., your monthly bank statement will list how much you’ve saved using the program.

U.S. Bank is paying anywhere from 0.05% to 0.25% on its regular MMAs, depending on the size of your balance.

For most savers, they’ll earn less than the average return on money market accounts, which has fallen to a pathetic 0.20% APY.

But that doesn’t negate the point of these programs, which is to turn you into a regular saver even if the process is a little gimmicky.

S.T.A.R.T. allows you to save much more than a typical “Keep the Change” program, which rounds up each purchase to the nearest dollar and transfers the extra coin from your checking to savings account.

It also allows you to set aside more than similar spend-and-save programs such as Wells Fargo’s “Way2Save,” which limits transfers to $1 per transaction.

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Comments (2)
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2 Existing Comments
  1. DealMaven said:
    on August 21st at 09:01 pm

    Check out the best rates available on terms of six different certificates of deposit on The CD Rates Leaderboard for August 20.

    They are current.

  2. kk said:
    on August 22nd at 10:43 am

    i wonder if they require you to opt in to the fee heavy overdraft expense? with the new law they need to invent new gimmicks to collect those fees.