Student Loans
Great Lakes Credit Union has everything you need to help manage your money and plan for the future.
Spend & Save Program
Grow your Savings with GLCU Spend and Save
Saving should be easy. Spend and Save makes it automatic.
When you use your debit card, Bill Pay, or write a check, we’ll round up your ‘change’ to the nearest dollar and transfer that amount from your GLCU Checking Account to the GLCU Savings Account of your choice*.
Saving On Easy Mode
Set | Spend | Save |
|---|---|---|
Call us at (800) 982-7850, Live Chat, or visit a branch to activate Spend and Save | Use your debit card, Bill Pay, or write a check | GLCU rounds up each transaction and transfers from your checking to your savings account. |
A Savings Plan that Doesn't Require Planning
Channel your daily expenses into automatic savings growth. Learn how Spend and Save helps you transfer money from your checking to your savings account on qualified transactions.
| Item | Purchase Amount | Total Amount Deducted from Checking (Includes purchase amount + your roundup 'change') | Amount Transferred to Savings at End of Day (Your 'change') |
|---|---|---|---|
| Gas | $25.51 | $26.00 | $0.49 |
| Groceries | $89.52 | $90.00 | $0.48 |
| Coffee | $4.32 | $5.00 | $0.68 |
| Total | $119.35 | $121.00 | $1.65 |
Savings Resources
Saving at Any Age
Whether you are a parent trying to instill this habit in your children or you want to change your own saving behaviors, there are strategies that savers of all ages can develop.
Saving for the Unexpected
For those of us who struggle with saving for the unexpected or are saving but don’t have that three to six month amount accumulated, our confidence might be shaken because we haven’t met this standard
Money Market vs Certificates of Deposit: Which is better for your savings goals?
As with any financial decision you make, it’s important to understand the positives and negatives of each type of deposit account.
Spend and Save Program Terms and Conditions:
Enrollment:
There is no cost to enroll in the Spend and Save program. Members may cancel participation at any time but will not receive any notification of confirmation if they initiate the cancellation. Only Free Checking Accounts are eligible. Once a member is enrolled, the transfer may only occur from the GLCU checking account to a designated share account that is under the same account number.
*Eligible Savings Accounts:
Share Savings
Special Savings
Money Market
Holiday Savings
Money Mammals
Right Start Share Certificate
President’s Club Savings
Young Adult Savings
Grand Advantage Savings
Ineligible Accounts:
Organizational/Business Accounts, Individual Retirement Accounts (IRAs), and Health Savings Accounts (HSAs).
Qualifying Transactions:
PIN-based debit transactions and signature-based debit used as credit transactions; Bill Pay transactions that the member schedules from GLCU; checks cleared; ACH withdrawals initiated from outside companies on behalf of the member (member allows third party to make withdrawal)
Note: All debit cards associated with a member’s checking account will be linked to participate in the program.
Transactions Disallowed:
ATM transactions and/or the ATM fees, and adjustment transactions do not qualify for inclusion in the program. If a purchase is cancelled or reversed after the funds have been transferred into the member’s savings account, the funds will remain in the savings account.
How the Spend and Save Program Works
At the end of each business day, each qualifying transaction amount will be rounded to the next whole dollar. The aggregate of all qualifying transactions in a day will transfer from the member’s GLCU checking account to the designated savings account with the same account number as a single transaction. The transfer amount will not overdraw an account. GLCU may cancel or modify the Spend and Save Program at any time.
Example Single Transaction:
If a member spends $25.51 at the gas pump, the transaction that posts to his/her account will be $25.51 and at the end of the day, the roundup amount of $0.49 will be deducted from his/her GLCU checking account as a separate transaction and transferred into his/her designated GLCU savings account.
Example Multiple Transactions:
If a member spends $89.52 on groceries and then stops at a coffee shop and purchases a beverage for $4.32, both transactions will post to his/her GLCU checking account separately, but at the end of the day, the roundup amount of $1.16 will be deducted from his/her checking account and transferred to his/her designated GLCU savings account as a separate transaction.