Our savings program challenges you to save $500 for a rainy day*. We give you up to $100 in cash to meet your savings goal!
*To save for a rainy day means to put something aside for a future need.
The majority of financial emergencies students face can be addressed with just $500 in a savings account. We know this from meeting with hundreds of students who have faced financial emergencies. Most students (and many Americans!) don’t have $500 set aside to cover an emergency like a car repair, a reduction in work hours, or a surprise dentist visit. Our vision is for every Austin Community College student to have a savings account with $500+ saved for when an emergency happens.
To be eligible to participate in the Rainy Day Savings Program, you must:
- Be 18 years old or older
- Have a valid driver’s license, state ID, or passport
- Be enrolled in at least six credit hours at Austin Community College (ACC) during the fall 2020 semester
- Plan to enroll in at least six credit hours at ACC in spring 2021.
- Be seeking a degree or certificate at ACC
- Be really excited about saving money!
- Not have participated previously in the Rainy Day Savings Program at ACC.
- Attend a 30-minute virtual welcome session with Linda, Rainy Day Savings Program Advisor
- Make your first deposit into your new University Federal Credit Union (UFCU) account within one month of opening your account.
- Continue to meet the eligibility requirements listed above.
- Claim all your incentives by May 28, 2021.
We open a new savings account for you at University Federal Credit Union. The savings account is opened in your name. Only you have access to this account. There are no monthly fees and the accounts do earn interest. You must maintain a balance of at least $5 in your account to keep it open. Here are more details about UFCU’s savings accounts. If you already bank with UFCU, great! We’ll open a *new* savings account for you for purposes of the Rainy Day Savings Program.
Save, Save, Save!
It’s time to start saving once your account is open at UFCU! You decide how you’re going to contribute to your account. You can make deposits into your UFCU account in person at any UFCU branch, at shared-branch credit unions, or online. Your financial coach can help you set up a savings plan so you reach your savings goal.
To encourage you to reach your savings goal, we will give you up to $100 in cash incentives. The cash will be deposited directly into your UFCU savings account. You do not need to claim the incentives in any particular order. Here are the four incentives:
Get $25: Meet at least once with a financial coach.
Get $25: Set up direct deposit into your UFCU savings account OR direct a portion of your income tax refund into your account.
Get $25: Complete your 2021/2022 FAFSA (Free Application for Federal Student Aid). If you’re not eligible to complete the FAFSA, you may submit the TASFA (Texas Application for State Financial Aid).
Get $25: Maintain a balance of $475 or more for 30 or more days. The $475 balance can include your funds + incentive funds already deposited into your account.
Monthly $250 drawings!
Each month we announce a special task that you may choose to complete. If you complete that task, you will be entered into a drawing for a $250 deposit into your UFCU Rainy Day Savings account. We’re not going to share all the monthly drawing tasks with you here — they’re a surprise! Once enrolled in the Rainy Day Savings Program our regular weekly emails will keep you up-to-date on these opportunities.
The money in the account, including money you’ve deposited and cash incentives you’ve earned, can be used when you have a financial emergency. You may withdraw and use your funds at any time during the program. We will never prohibit you from withdrawing your funds; however, we appreciate it when students let us know before they make a withdrawal. Many times there are other ways we can help you meet your financial emergency while preserving the money you have worked so hard to save!
Connect with Linda, Rainy Day Savings Program Advisor at email@example.com or text 512-778-0724. Ready to apply? Review the program eligibility & requirements and then submit your application!
Thank you to University Federal Credit Union for holding the savings accounts and funding incentives, and to Trellis Foundation for providing funding to support staff and student incentives.