Automate your savings

We all know saving money is a good habit, but it can feel like just one more thing to think about every time you get paid. So what do you do to make sure you reach your goals? Make saving money automati­­c by setting up scheduled recurring transfers from your chequing account to your savings after every payday. When you set up an automated savings plan your money’s is tucked away with a purpose rather than sitting in your everyday account, tangled in your daily spending.

Automated savings works best when your payroll is automatically deposited into your chequing account on a regular basis. You then set your automated transfer dates based on when your payroll is deposited. To help you keep your goals organized (and know when to celebrate reaching them!), you can customize the names of your savings accounts.

This will help you organize and reach your financial goals with minimal effort on your part. So you can get back to life – we’ll do the rest

How to automate your savings

  1. Set up your direct payroll deposit (also known as a pre-authorized credit) to your account. All you need to do is complete this form and share it with your employer.

  2. Once your payroll is set to be deposited, log into Coast Online® Banking or Coast Mobile® Banking and set up a recurring transfer to your High-interest Savings Account (HISA) the day after payday.
    • Don’t have a HISA yet? You can open one up through Coast Online Banking. A HISA earns interest and your money is accessible to you whenever you need it.

 Step 2a

On the Transfer Money page, select where you want the funds to transfer from (in most cases this will be the account your payroll is deposited in to), the amount, and where you want it to go to—in this case, it would be to your own accounts. To make sure this transfer repeats itself, select Recurring Transfer.

Step 2b

Fill out all the required fields like which account you’d like to transfer to, the start date, frequency and the end date.

Step 2c

Validate that your information is correct and click Confirm.

3. You can rename your HISA after the purpose of your savings goal. For example, Vacation Savings, School Savings or Emergency Savings. This way, you can keep tabs of your growing balance.

 

Step 3a

Click Rename An Account under My Accounts on the left-hand side of the screen. Select the account you’d like to rename from the dropdown. Name it after your goal or what you’re saving for and click Continue.

Step 3b

Make sure the information is correct then click submit.

Need a hand?

We can help you automate your savings in branch or over the phone. For more information, just give us a shout at 1.888.517.7000.