Key Takeaways
- If you’re having trouble building a savings balance, Ideal Credit Union has an account designed to make saving easier.
- Their Ideal RoundUp Savings account will let you boost every debit card purchase to the nearest dollar—or even add an extra $1 or $2—and send that rounded up portion to savings.
- Your savings balance can also earn an impressive 5.00% APY in any month you make at least 20 debit card transactions.
- Not the right account for you? Check out our ranking of the best high-yield savings accounts for a dozen options paying 4.35% to 5.00%.
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How Ideal Credit Union Can Make Saving Effortless
We all know that setting aside money for the future is a smart move, helping us achieve financial goals or providing a safety net in case of emergencies. But it’s not always easy to transfer funds into savings when there doesn’t seem to be much left over each month.
That’s where “round up” accounts come in. These are accounts that round up your debit card purchases to the nearest dollar and deposit the extra into a savings account. These accounts make accumulating a balance effortless, automatically transferring small amounts to your savings. Plus, since the deposits are so modest, they feel virtually painless.
One option is Ideal Credit Union’s Ideal RoundUp Savings account. By opening both an Ideal checking and savings account, you can build your savings with every debit card purchase. For example, if your coffee costs $5.41, Ideal rounds it up to $6.00, sending the extra 59 cents to your savings account.
Additionally, Ideal gives you the option to add an extra $1 or $2 each time it rounds up. So, using the same coffee shop example, you could have $1.59 or $2.59 sent to your savings instead of just 59 cents.
If you’re a frequent debit card user, Ideal will reward you with an impressive 5.00% APY on your savings balance, applied to each statement cycle in which you make at least 20 debit card transactions. If you don’t reach the 20-transaction minimum, your round-ups will still be transferred to savings, but they’ll earn a low 0.05% APY for that cycle. The good news is that each new statement cycle gives you a fresh chance to earn 5.00%.
How Much Savings Can You Accumulate With These Roundups?
| Estimated balances for Ideal Credit Union’s standard, plus $1, and plus $2 roundups for 1 year. Assumes 20 debit purchases per month and 5.00% APY | |||
|---|---|---|---|
| With 20 debit roundups per month averaging $0.50 each | With 20 debit roundups per month averaging $1.50 each | With 20 debit roundups per month averaging $2.50 each | |
| Month 1 | $10.00 | $30.00 | $50.00 |
| Month 2 | $20.04 | $60.13 | $100.21 |
| Month 3 | $30.12 | $90.38 | $150.63 |
| Month 4 | $40.25 | $120.76 | $201.26 |
| Month 5 | $50.42 | $151.26 | $252.10 |
| Month 6 | $60.63 | $181.89 | $303.15 |
| Month 7 | $70.88 | $212.65 | $354.41 |
| Month 8 | $81.17 | $243.54 | $405.89 |
| Month 9 | $91.51 | $274.55 | $457.58 |
| Month 10 | $101.89 | $305.69 | $509.49 |
| Month 11 | $112.32 | $336.96 | $561.61 |
| Month 12 | $122.79 | $368.36 | $613.95 |
Not a Big Debit Card User? Check Out These Top Savings Account Alternatives
If you don’t regularly use a debit card or know you won’t meet the 20-transaction minimum in a given month, there are better options available. Every weekday, we publish the top APYs for high-yield savings accounts, and today’s list features more than a dozen accounts offering rates between 4.35% and 5.00%. While each account has its own requirements, many on the list have no minimum balance and no complicated conditions.
If you’re concerned about your ability to save without a handy round up feature, but won’t meet Ideal’s 20-transaction requirement, you can still use their RoundUp Savings account to start building a balance. Then, once you’ve accumulated some funds, you can transfer your money to a high-yield account that offers a higher APY without the need for debit card transactions.
Important
Note that the “top rates” quoted here are the highest nationally available rates Investopedia has identified in its daily rate research on hundreds of banks and credit unions. This is much different than the national average, which includes all banks offering a CD with that term, including many large banks that pay a pittance in interest. Thus, the national averages are always quite low, while the top rates you can unearth by shopping around are often 5, 10, or even 15 times higher.
How We Find the Best Savings and CD Rates
Every business day, Investopedia tracks the rate data of more than 200 banks and credit unions that offer CDs and savings accounts to customers nationwide and determines daily rankings of the top-paying accounts. To qualify for our lists, the institution must be federally insured (FDIC for banks, NCUA for credit unions), and the account’s minimum initial deposit must not exceed $25,000. It also cannot specify a maximum deposit amount that’s below $5,000.
Banks must be available in at least 40 states to qualify as nationally available. And while some credit unions require you to donate to a specific charity or association to become a member if you don’t meet other eligibility criteria (e.g., you don’t live in a certain area or work in a certain kind of job), we exclude credit unions whose donation requirement is $40 or more. For more about how we choose the best rates, read our full methodology.
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