Your contingency savings account with the XYZ Credit Union is a normal interest bearing savings account. How much money you keep in the account and how you manage it is entirely up to you.
We recommend you think of it as your own bank who will loan you money (interest free with no questions asked) for unexpected expenses such as furnace replacement, car repairs or a root canal. Like a bank loan you should always pay it back, so the money’s there for the next emergency. Once funded, you can use this account instead of taking future PayUback loans and you still have the PayUback as a backup.
We have added a couple of features to help you grow this account and keep it funded.
- We deposit $1.88 ($7.50 in the first year) per every $100 borrowed (directly from your PayUback service fee).
- If you wish, you can designate an amount be deducted from each paycheck and deposited into your contingency savings account. (highly recommended)
And remember, “Always expect the unexpected!”