Automating your savings can be a highly effective strategy to reach your financial goals. By scheduling regular deposits to your savings account, you can get in the habit of putting money into your savings first – instead of waiting until after your monthly bills and other expenses are paid.

It’s easy to get started! Simply schedule an automatic savings transfer through Online Banking or the CFCU Mobile App, or use your employer’s direct deposit option to put your savings on autopilot.

Schedule Recurring Transfers: You can schedule regular transfers to your savings account from your existing CFCU or external checking account.

  1. Sign into Online Banking or the CFCU Mobile App
  2. Go to Transfers (or External Transfers if you want to link an account at another credit union or bank.)
  3. Specify the Transfer Amount, Date, and Frequency
    • Pro-Tip: Schedule your transfers for times when you know you’ll have enough money in your main checking account, such as after your payday.
  4. You’re all set!

Use Direct Deposit: Most employer direct deposit programs allow you direct a portion of your paycheck to directly into a savings account.

  • Ask your employer for a direct deposit form or sign in to your payroll software.
  • Add your CFCU savings account and routing numbers.
  • Specify the amount or percentage you would like deposited each pay period.
  • Sign the completed form.
  • The changes may take 1-2 pay periods to take effect.

Tips to Stay on Track: Keeping your savings on track can be more difficult than it sounds. Here are a few things to remember when getting started.

  • Start Small – Ambition is admirable, but diverting too much money to your savings account each month can do more harm than good. Don’t risk overdraft fees or put yourself in a position where you are regularly moving money back out of your savings account to cover everyday expenses.
  • Set Goals – Whether you choose to set your savings goal as a dollar amount or specific purchase, consider how much that goal means to you before reducing your savings contribution or withdrawing funds from your savings account.
  • Stick to a Budget – In order to determine how much money you can set aside each paycheck, you’ll need a budget. To keep the money you’ve committed to depositing in your savings account, make sure you stick to that budget!

Don’t Save at the Expense of Debt – While your CFCU Savings Account pays a competitive interest rate, it’s nothing compared to the interest you pay on credit card balances or to payday lenders. If setting money aside each paycheck is causing you rack up new debt, consider revisiting your budget or talking to a CFCU Member Service Representative about a debt consolidation loan.