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.
We know that 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 trip to the doctor. Our vision if for every Austin Community College student to have a savings account with $500+ saved for when an emergency happens. And this is what we’re going to make our vision a reality!
We open a new savings account for you at University Federal Credit Union. The savings account is opened in your name and only you have access to this account. There are no monthly fees. You must maintain a balance of at least $5 in your account to keep it open. The accounts do earn interest. Here are more details about UFCU’s savings accounts. If you already bank with UFCU, great! We’ll still open a *new* savings account for you for the Rainy Day Savings Program.
Save, Save, Save!
Once your account is open at UFCU it’s time for you to start saving! 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. You have until May 29, 2020 to save and claim all of your cash incentives.
We will give you up to $100 in cash incentives to help you meet your savings goal. The cash will be deposited directly into your UFCU savings account. You may claim four of the six $25 incentives. You do not need to claim the incentives in any particular order.
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 2020/2021 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). Both of these forms will be available to complete October 1, 2019.
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.
Get $25: Complete an online two-hour financial education course.
Get $25: Submit an ACC scholarship application by November 1, 2019.
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 hard to save!
Thank you to University Federal Credit Union for fully funding the incentives and holding the savings accounts.