What is Savings Made Simple?
Savings Made Simple is a free service offered to customers of Southern Bank with active checking and savings accounts. This service automatically rounds up your debit card purchases to the nearest dollar, and deposits that difference into your savings account.
What is the cost for this service?
It’s free for all customers of Southern Bank! Call or visit any of our Southern Bank branches to have an advisor activate the service on your accounts.
What do I need in order to get started?
In order to activate the Savings Made Simple service, you will need to have a Southern Bank debit card and checking account, as well as a Southern Bank savings account.
Can I use any debit card for this program?
The Savings Made Simple program can only be activated on a Southern Bank debit card, linked to a Southern Bank checking account.
If I have multiple Southern Bank checking accounts, can I sign up for Savings Made Simple for all of my accounts?
Yes! This service is eligible for all of your personal Southern Bank checking accounts that have a Southern Bank debit card linked to the account.
I am seeing an additional Savings Made Simple transaction on my statement. What does this mean?
For every purchase, you make with your enrolled Southern Bank debit card, Southern Bank will add together all the rounded up Savings Made Simple balances. We will then debit the checking account and credit the savings account. There will only be one deduction from the checking account for Savings Made Simple each day, which will show as Savings Made Simple on your bank statement.
I made several purchases yesterday, but I am not seeing the rounded-up amount for my Savings Made Simple transfer.
Processing times for Savings Made Simple may vary.
Can my round-up amount be deposited into multiple savings accounts?
The rounded-up amount can only go into one Southern Bank savings account.
Can my round-up amount be deposited into my Southern Bank Christmas Club account?
The Southern Bank Christmas Club account is not eligible for Savings Made Simple at this time.
If I cancel today, will the transactions from yesterday still post?
Yes. Canceling today will only stop tomorrow’s Savings Made Simple transaction from posting.
I do not have a Southern Bank savings account and want to utilize this service. Can my round-up go into another checking account?
No. The round-up amount may only be deposited into a Southern Bank savings account.
The only Southern Bank checking account I have is a Money Market account. Can I still use this service?
No, this service is only available on Southern Bank non-Money Market checking accounts.
What types of debit card transactions qualify for Savings Made Simple?
Both signature-based and PIN-based debit card transactions qualify for the Savings Made Simple program.
Do ATM transactions qualify for Savings Made Simple?
Transactions performed at an ATM do not qualify.
How do I un-enroll in Savings Made Simple?
To un-enroll from this service, call or visit a Southern Bank location, and an advisor or customer service representative will un-enroll you from the Savings Made Simple program on one or all of your accounts. This will not affect your checking or savings accounts beyond stopping the Savings Made Simple round-up transfers.
I received a new Southern Bank debit card for the checking account used for Savings Made Simple. Will this affect my enrollment?
Changing debit cards will not interrupt the Savings Made Simple service for the checking account.
I had to open a new checking account to replace my account currently being used for Savings Made Simple. Will this affect my enrollment?
Yes, the new account will need to be enrolled in Savings Made Simple.