More Ways To Save
At Members 1st, we understand the importance of being prepared for unexpected expenses. That's why we offer resources and support to help you build your savings without feeling like you're sacrificing anything. Building your savings is a process and takes time, but with the right mindset and a little effort, you can achieve financial security and peace of mind.
It's a simple concept: Every time you buy something with your Members 1st debit card, we'll round the purchase amount up to the nearest dollar and transfer the difference from your checking to your savings account. You'll be surprised how much a little change here and there adds up.
- Save money without even thinking about it
- It’s easy to enroll and free to use
How does it work?
The round-ups from your debit card purchases are accumulated and transferred daily from your checking account to your savings account. (For example, a $5.43 debit charge would be rounded up to $6 and the difference of .57 goes into your savings account).
Start Saving Today!
To get started, all you need is a personal checking account, savings account, and your Members 1st Visa Debit Card.
- Enroll - First, enroll your Members 1st debit card that you use for daily purchases by calling us at (530) 222-6060. Use this card for online and recurring payments to collect the most change.
- Shop - Next, use your card for everyday purchases such as at drug stores, the drive-thru, or an impulsive, must-have online buy. In other words, spend like you normally would.
- Save - Finally, we'll round up your purchase to the nearest dollar amount and transfer the change from your checking account to any Members 1st account and suffix.
Emergency Savings Account
An emergency fund is a separate savings or bank account used to cover or offset the expense of an unforeseen situation. It shouldn’t be considered a nest egg or calculated as part of a long-term savings plan for college tuition, a new car, or a vacation. Instead, this fund serves as a safety net, only to be tapped when an emergency occurs. To protect you from unforeseen circumstances, Members 1st offers an emergency savings account that has an annual percentage yield (APY) of 1.00% up to $1,000 and the standard savings rate applied to amounts above $1,000.
Remember, building an emergency fund is a process and takes time. Even if you can only save a few dollars each week, it's a start. Another tip is to automate your savings by setting up automatic transfers from your checking account to your emergency savings account. This way, you won't notice the money missing from your checking account. The best part? You can open an emergency savings suffix using online banking and our mobile app.
Open an Emergency Savings, Holiday Savings, Auxiliary Savings, or Money Market account in seconds within the Members 1st Mobile App or Online Banking.
- Auxiliary Savings - Use Auxiliary Savings to set aside money for a particular budget category, savings goal, or whatever you like.
- Holiday Savings - Use Holiday Savings accounts to put money aside for holiday shopping.
- Emergency Savings - Use Emergency Savings to earn a higher APY* on the first $1,000 in your account and be better prepared for unexpected expenses.
- Money Market - Use Money Markets to earn a higher APY* on your money while still keeping it accessible at any time.
*Annual Percentage Yield
Set Up An Automatic Savings Plan
How does an automatic savings plan work? The process is simple: you set up an automatic transfer so that at a time period of your preference—biweekly or monthly, for example—a percentage of your paycheck or a predetermined dollar amount moves automatically into a savings account. This “set it and forget it” approach can come in different forms: You may schedule automatic recurring transfers from your checking to your savings account, or your employer may allow you to deposit a portion of every paycheck directly into a savings account. With Members 1st, you can create one-time or recurring transfers that can be modified or deleted anytime within Online Banking or the Mobile App.