Ever wondered where your small change goes? Back in the day when most of our purchases were made using cash, it was common to find loose change everywhere – under car seats, behind sofa cushions, even rattling around in the washing machine. Even today, it’s estimated Australians collectively lose $110 million worth of coins annually.1 What a waste!
But it wasn’t all bad. Plenty of us used to gather up loose change, pile it in a piggy bank, then whip down to the bank and deposit the lot in a savings account.
Okay, it wasn’t always a fortune, but when you’re saving towards a personal goal, every bit counts.
These days we’re more likely to pay with a debit card or shop online. So, the days of pesky loose change bulking up wallets could be heading into the history books. The downside is that our small change on purchases could still be going to waste simply by sitting in a transaction account that pays zero interest.
The solution can be automatic Round Ups! Here’s how it works.
Round up, and watch savings build up.
One of the optional features of a Defence Bank Everyday Access account is automatic Round Ups.
Each time you spend with your Defence Bank Visa Debit card, your purchases are rounded to the nearest dollar, with the funds transferred to your nominated Defence Bank savings account.
So, if you buy a take-away latte costing $3.50, this amount will then automatically be rounded up to the nearest dollar. In this instance, a total of $4.00 will come out of your Everyday Access account, with 50 cents going straight to your savings account. It really is an effortless way to let your small change grow savings.
How to set up Round Ups using our mobile app?
- Open the Defence Bank app.
- Select Manage Accounts from the drop-down menu.
- Select Round Ups.
- Tap your Everyday Access account.
- Then select the account you want your round-up amount transferred to.
- Then hit Start Saving!
Mix and match.
The great part of Round Ups is that the sums transferred are less than $1. So chances are you won’t miss the extra cash coming out of your everyday account. But as we increasingly become a cashless society, Round Ups let you put digital loose change to work.
To supersize your savings, think about setting up an automatic transfer of funds out of your Everyday Access account and into a savings account like our Max eSaver or iSaver. Time it with payday, and it’s likely you’ll never miss the cash you’ve never had.
By mixing and matching Round Ups with a dedicated savings plan, you can fast-track your way to a solid balance of spare cash to achieve personal goals or just grow valuable rainy day money for unexpected bills.
Important note: This information is of a general nature and is not intended to be relied on by you as advice in any particular matter. You should contact us at Defence Bank to discuss how this information may apply to your circumstances.