What is Accrue Savings?
Accrue Savings offers a FDIC-insured account through Blue Ridge Bank N.A. tied to a specific purchase or goal that helps you afford the things you love without debt, interest, or late fees. You will earn cash rewards along the way and can invite family and friends to contribute to your goal.
How do I use Accrue Savings?
- Select the product you would like to save up for.
- Create your Accrue Savings account, set up auto-deposit, and select a savings schedule.
- Get cash rewards when you reach savings milestones, and receive contributions from family and friends on certain items. (See individual items to see amounts and eligibility)
- Once you have saved enough, Accrue Savings will generate a virtual debit card which you can use to complete your purchase on the merchant's website.
How long does it take to save for a purchase with Accrue Savings?
Accrue Savings offers complete flexibility allowing you to save on your own schedule--whether it be weeks, months, or longer. Based on your preferences, configure auto-deposits by amount and on weekly, biweekly, or monthly intervals.
Where can I use Accrue Savings?
Accrue Savings has partnered with businesses of all sizes and product offerings. To start saving with our current partners, head to accruesavings.com and click on our partner logos. If you would like to save for a merchant that isn't currently offered, send us a message at email@example.com.
When will I receive my cash rewards?
Your rewards will be applied to your wallet with Accrue immediately after you have reached a savings milestone! You will see the reward amount in your Accrue Savings dashboard under the transaction section as well as in the savings progress bar. These rewards may only be redeemed for purchases at the brand you are saving for and cannot be exchanged for cash.
What is Plaid and why do I need to use it in order to use Accrue Savings??
In order to transfer funds into your Accrue Savings account via auto-deposit or one time transfer, you must link a checking or savings account to Accrue. We use Plaid to connect to your existing checking or savings account to initiate ACH transfers at your request. Accrue Savings does not have access to any account usernames or passwords you enter to securely link your account.
How do I invite my friends and family to contribute to my Accrue savings goals?
Once you set a savings plan, you will have access to the Accrue Savings dashboard. From there, you can view all of your savings plans and can invite friends and family via email or web link to contribute to specific goals.
What if I want to save for a different product after I’ve started saving?
If you want to save up for a different product from the same merchant, simply reach out to support at firstname.lastname@example.org with your desired product.
What if I want to pause my savings plan or skip my next auto deposit?
To delay your next auto-deposit, you can go into your dashboard and edit the next payment date by clicking the pencil icon in the top right corner. You can still receive crowdfunding during this time.
Can I stack rewards earned from Accrue Savings with other sales & promotions offered by the merchant?
Yes. Money saved and earned in your Accrue Savings account is distinct from any discounts, sales, or promotions a merchant may offer. So long as you finish your savings plan, you can make a purchase with the merchant you are saving for a value less than the total amount you saved and earned.
How long does it take for an ACH deposit to post to my Accrue Savings user dashboard?
ACH transfers will show as pending prior to them being posted to your account. If an ACH transfer is initiated before 3pm the transfer will post in 3 business days. If it is initiated after 3pm, the transfer will post in 4 business days.
How long does it take for a credit card contribution from a friend or family member to post to my Accrue Savings user dashboard?
Credit card contributions transfers from a friend or family member will show as pending prior to them being posted to your account. If a contribution is initiated before 3pm, it will post the next day. If it is initiated after 3pm, the transfer will post in 2 business days.
Can I withdraw my deposits and rewards at any time?
If you would like to withdraw your deposits from your Accrue Savings account, please contact us at email@example.com. You can request a partial or full refund anytime. If you request a partial refund you can continue your savings plan without forfeiting any rewards. If you request a full refund you will forfeit any accrued rewards and may be subject to a 3% fee if you received crowdfunds. Funds will be available in your account 2-3 business days after you initiate the request.
What happens if I return the product I saved for and purchased to the merchant after receiving it?
If you return a product and wish to receive your money back, simply reach out to firstname.lastname@example.org. The refund will be applied to your FDIC insured account with us. You will forfeit any accrued rewards and may be subject to a 3% fee if you received crowdfunds. Funds will be available in your account 2-3 business days after you initiate the request and the refund is processed.
What if I have leftover funds in my account after purchase?
There are two scenarios where you may have leftover funds:
Contributions from friends and family may push you over 100% of your savings target
In this scenario, following your purchase, any remaining funds in your account will be automatically returned to your linked bank account via ACH transfer for no additional fee.
Once you reach 100% of your savings target, you may elect to purchase something from the merchant for less than the amount you saved.
In this scenario, the rewards you have earned will be applied to your purchase on a prorated basis based on the price of the product you ultimately purchase. You will forego a portion of the earned rewards for purchasing a less expensive product calculated by percentage (ie. $100 item=$10 rewards/$90 item bought=$9 rewards).
Any remaining deposits or received contributions present in your account post-purchase will be automatically returned to your linked bank account via ACH transfer (no fees associated).
How does Accrue Savings account for tax and shipping expenses at time of purchase?Depending on the merchant, the location where you are sending your purchase, and the shipping method you select at checkout, the final purchase price of your product may be greater than the amount that you have saved in your Accrue Savings account. This incremental cost is unknown when you initially set your savings schedule.
Fear not! If your bank account is connected at the time of purchase, Accrue Savings will initiate a one-time ACH transfer from your linked bank account to Accrue Savings to cover any of these incremental tax and shipping costs. You do not need to wait for these funds to clear prior to making your purchase.
If you don’t have a linked bank account at the time of purchase, you will only be able to spend up to the amount you have saved in Accrue.
How do ACH transactions appear in the bank statement of my funding account?
ACH deposits will display under the name of our banking partner Unit.
Are there any fees associated with my Accrue Savings account?
Generally, Accrue Savings does not charge any fees for using our service.
In the event that you withdraw your funds prior to completing a savings plan, you may be charged a 3% processing fee on the contributions made by family and friends. The money deposited by you will be refunded completely.
Will I earn interest on funds in my Accrue Savings account?
While your Accrue Savings account isn’t interest-bearing, you will receive cash rewards along your journey as you reach savings milestones and for some contributions made by family and friends.
How secure is Accrue Savings?
Your privacy and security is very important to Accrue Savings. Our service is designed to protect your personal information, banking information, and savings. Your deposits are insured by the Federal Deposit Insurance Corporation (FDIC) up to $250,000 so you can confidently save towards your purchase.
How do I contact Accrue Savings?
You can email us at any time at email@example.com and someone from our support team will be in touch.
You can also call 1-844-918-3672 if you prefer to speak to a representative.