Simmons Bank’s automatic savings program, Round-Up, allowed customers to save nearly $5.5 million during the first 11 months of 2023, according to a press release. More than 26,400 customers utilized the program during this period; compared to the same timeframe in 2022, dollars saved increased by nearly 6%.
According to a Bankrate survey released earlier this year, 57% of U.S. adults are uncomfortable with the amount of emergency savings they currently have to cover three months of expenses. Nearly one in four (22%) of U.S. adults have no emergency savings at all, the second lowest percentage in 13 years of polling. The survey also noted that almost one-third (31%) of Gen Z (ages 18-26) do not have emergency savings – more than twice as many as the 15% of Baby Boomers (ages 59-77) who have no emergency savings.
“Successful saving is all about the habit. Simmons Bank Round-Up Savings program provides automated savings for our customers, making it easier to consistently contribute to their rainy day or savings goals,” said Joshua Jensen, chief deposit officer at Simmons Bank. “Our Simmons Bank Round-Up savings program helps customers eliminate the time and effort to save by putting it on ‘auto-pilot’ and adding to their savings with each debit card transaction.”
Established in 2014, the Simmons Bank Round-Up program is designed to reduce the effort needed to save by automating the process when customers use their debit card to conduct a purchase. With each debit card purchase made by a customer who is enrolled in the program, the bank rounds the transaction up to the nearest whole dollar and deposits the “change” into a Simmons Bank savings or checking account of the customer’s choice.
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