How to Set up an Automatic Savings Plan

An automatic savings plan is a type of personal savings system in which a fixed amount of funds are automatically deposited into a savings account at specified intervals.

Benefits of Automatic Savings

Automatic savings plans can help save you money. They can be used to boost your savings for a financial goal, vacation planning, or simply add funds to your savings account for an unexpected emergency.

Benefits include:

No additional effort needed after setup.

Once you have your initial saving transfer set up, there is nothing more you need to do.

Creates great savings habits.

Automating savings makes it easy to increase your savings funds while starting or continuing good spending/savings habits.

Track (and grow) separate savings goals.

You can use your automatic savings plan to create separate “accounts” for assorted goals.

How to Set Up Your Automatic Savings via Recurring Transfers

Setting up an automatic savings plan can be done in Online Banking through a process known as reccurring transfers. If you haven't yet, set up your Online Banking – it's free, and contains helpful financial tools.

Log in to Online Banking.
Click on the Transfers tab at the top of the page.

From this page, you'll be able to make a single (one-time) or recurring transfer of funds.

For recurring transfers:

Select the account you want to transfer to and from.
Select the frequency you'd like for it to occur.
Choose a date you'd like the transfers to begin.
Select the number of transfers (one time or unlimited).
Select the amount (you can change this at any time).

Saving money doesn't need to be a chore. Setting up small, attainable goals and using automatic savings is a strategy that works.

What is an Automatic Savings Plan?