5 Ways to Add Money to Your Savings Account Without Shrinking Your Checking Account

November 9, 2021

When it comes to setting money aside and growing our savings accounts, most of us have good intentions. But by the time those intentions become reality, we sometimes realize a season has slipped by and our account balances haven’t budged. Doesn’t it just make “cents” to find some creative ways to save?  

At Chambers Bank, we want to help you achieve all your financial goals, whether it’s saving for a vacation, paying off debt, or growing that emergency fund. Here are five simple ways you can add money to your savings account without having to move it out of your checking account. 

Enroll in the Chambers Bank Savings Cents Program 

Savings Cents is an effortless way to make everyday purchases count toward your overall savings goals. Once you enroll, we will automatically round up your daily debit card purchases to the nearest dollar and deposit the “change” into your savings account on the next business day. 

How much can you save with Savings Cents? Here’s an example holiday shopping trip: 

Gasoline: $45.12 (+ $0.88) 

Coffees: $11.65 (+ $0.35) 

Gift Wrap and Supplies: $18.21 (+$0.79) 

Gifts: $254.48 (+$0.52) 

Lunch: $35.47 (+$0.53) 

Holiday Groceries: $84.05 (+$0.95) 

Total Automatically Transferred to Savings: $4.02 


To begin, all you need is a Chambers Bank checking account and debit card plus a Chambers Bank savings account (Savings, Youth Savings or Christmas Club). Enrollment in Savings Cents is free and you can link multiple account debit cards to help maximize your round-up contributions. 

Call your Chambers Bank representative today to ask about enrollment or stop by at any one of our branch locations to sign up. 


Transfer Cash-Back Rewards from Your Credit Cards to Your Savings Account 

Most major credit cards offer introductory bonuses and cash-back rewards on purchases. Over time, those perks can really add up! 

Rather than using your credit card rewards to make new purchases or trade for gift cards, try routing the reward cash to your Chambers Bank savings account and then watch your balance grow. You can read more here about how much some people have earned in cash-back rewards annually; it might surprise you. 

Depending on your credit card service, you’ll be able to redeem your cash-back rewards by either setting up an automatic transfer to your savings account or requesting a check in the mail and depositing via our online banking feature. 

By the way, if you’re looking for a new lower-interest card with great benefits, we at Chambers Bank offer several credit cards with cash-back options to help you achieve your savings goals. Apply today and start saving those rewards points! 


Declutter Your Home and Sell Unwanted Belongings 

It’s no surprise to hear. Most of us have way too much stuff. Just look at the number of garage sales held in your community each year. And how about all those “curb alerts” on Facebook Marketplace? 

To put it into perspective, a 2014 LA Times article reported that the average American home has approximately 300,000 items in it, from paper clips and ironing boards to textbooks and cowboy boots. If you’ve got lots of unwanted belongings just sitting around, try listing them for sale online and using the profits to grow your savings. 

To figure out what to start selling, pick a room in your house and go through each closet, drawer, cubby, corner, and shelf. Separate items into three piles: keep, sell, and throw out. Decide what you want to sell locally and what you want to list and ship online.  

Some things, like lawnmowers and furniture, are best to sell locally because they’re common household items in addition to being too bulky to ship. Other items, like antiques and collectibles, might sell for higher prices through certain online platforms because they appeal to niche markets and the listings tend to reach a much wider audience. 

This NerdWallet article can help you find the right platforms for things you want to sell—from Craigslist and eBay to Poshmark and Swappa. Most have convenient apps you can simply load to your phone for easy listing and selling. As you market your unwanted wares, you can transfer earnings directly to savings with our online banking app


Route Your Income Tax Refunds to Your Chambers Bank Savings Account 

In 2020, the average US federal tax refund totaled over $2,800, according to a National Taxpayer Advocate (NTA) report. Why not set this money aside and put it toward a big goal? Maybe you want to grow your emergency fund or save for a car down payment. Maybe you want to finally take that epic vacation or remodel your kitchen! 

Whether an accountant prepares your tax return or you complete it yourself, most tax software will allow you to route funds to your personal or business account via direct deposit. It’s a fast, easy way to receive your refund money without the hassle of a paper check. 

If you’d like to set up a savings account or need help with your account’s routing information, contact a Chambers Bank representative to help you get started. 


Reallocate Funds from Paid-Off Bills and Credit Card Statements to Your Savings Account 

There’s an old debt repayment trick the financial gurus like to teach called the debt snowball method. When you use this to pay down debt, you make minimum payments on all debts except for the smallest one—you pay more on that one until it’s eliminated. Then, you move to the next smallest debt and pay extra on that debt, until it’s paid. And repeat. 

How about applying this tactic toward your savings account as your budget allows? Once you pay off a bill, a loan, or a credit card statement, take the money you would have put toward the obligation and make a monthly deposit into your Chambers Bank savings account

If you’d like some help organizing your debts and creating a repayment plan, make an appointment with one of our personal bankers to help you develop a strategy. 


Putting Your Savings Account Strategies Together 

Now that you have some ideas for growing your savings account, start by thinking about how you can use your Chambers Bank debit card to help you on your journey. This holiday season, use your debit card for all your local and online shopping to take advantage of the round-up savings we offer through Savings Cents. You’ll not only put a little extra jingle in your account, but you’ll start the new year with your goals on track. 


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