*To save for a rainy day means to put something aside for a future need
Most financial emergencies students encounter 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.
Last year, we gave students a total of $17,100 to boost their emergency savings! Our students collectively contributed $187,858.61 to their emergency savings accounts. We’re ready to help you start and boost your emergency savings! Use your emergency savings to remain stress free when a car repair, a reduction in work hours, or a surprise dentist threaten to throw you off course.
To be eligible to participate in the Rainy Day Savings Program, you must:
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.
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:
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 savings@austincc.edu
The online application will take you less than 20 minutes to complete. You’ll need your ACCeID, and your driver’s license, state ID, or passport available.
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.