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June 9, 2022

Union Savings Bank launches automatic savings tool

With prices rising and inflation the worst it’s been in nearly 40 years, it can be challenging to save money. 

That’s why Danbury-based Union Savings Bank (USB) has introduced its ‘USB Round Up’ debit card designed to make saving easier, bank officials said. 

“We know increasing costs for rent, groceries and gas are making it difficult for people to save, so now is an ideal time to introduce USB Round Up, a free tool that enables customers to round up debit card purchases and automatically transfer that money to a USB savings account,” said Peter Scotch, senior vice president and director of USB’s Innovation Center. 

Scotch said the bank is seeing an average savings of $.76 rounded up per transaction.

“The savings can quickly add up, particularly if a customer is using their debit card often,” Scotch said. 

USB Round Up is available to bank customers who have a USB personal checking account and savings account and a personal USB debit card. Customers set the dollar increment they’d like to round up to, from $1 to $10. Registration is simple by logging into USB online banking or USB mobile, and following the link to the Round-Up portal. Once enrolled, customers can shop as they normally do, using their USB debit card in-store, online, for recurring payments and subscriptions, and watch their savings add up.

“While a few national and regional banks in our market offer similar round-up products, no community banks in western Connecticut have a program like ours,” Scotch said.  “We feel there’s a need for this and a tremendous value to our current and prospective customers.”

Scotch noted that USB Round Up is another example of how the bank is using technology to benefit customers. 

“This capability is the latest in a series of smart products and services that Union Savings Bank has introduced, all designed to enhance the customer experience and improve financial well-being,” Scotch said. 

Other recently launched services from USB include Spending Insights, contactless debit cards, instant issuance of debit cards in branch offices, Apple Pay instant issuance, advanced debit card controls, USB Voice ID, and Early Payday.

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