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 can I fund my savings?
- You can add your bank account or debit card to your account to
- Set a recurring deposits to your Accrue savings goal
- Make a one time supplement payment to reach your goal faster
- Earn rewards as you reach milestones
- Have friends and family contribute to your savings goal
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 our website and browse our list of merchants. If you would like to save for a merchant that isn't currently offered, send us a message at info@accruesavings.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 when you purchase at the brand you are saving for and cannot be exchanged for cash.
What is Plaid and Finicity and why do I need to use them in order to connect my bank account?
In order to transfer funds into your Accrue Savings account via auto-deposit or one time transfer from your bank, you must link a checking or savings account to Accrue. We use Plaid or Finicity to securely 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.
If you do not want to connect your bank account using Plaid or Finicity, you can also add a debit card to your account to make your deposits
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 savings goal or merchant, simply reach out to support at support@accruesavings.com with your desired product and we will transfer all your deposits to your new savings goal.
What if I want to change my savings plan after I start?
You can change your savings plan at any time. You can change your recurring payments amount or frequency as well as your savings goal amount from your dashboard by following this guide
What if I want to pause my savings plan or skip my next auto deposit?
You can pause or postpone your savings plan at any time by visiting your dashboard and clicking “More Options” on your progress bar.
What if I want to make my purchase before I have reached my savings goal?
You can choose to stop savings and purchase now at anytime by going to “More Options” on your dashboard and clicking “Buy Now”
What if I want to save more than my original savings goal?
If you would like to increase or decrease the amount you would like to save, You can change that at any time from your dashboard. Your rewards are prorated so they will change based on the new goal.
What if I want to buy multiple items or make more than one purchase with my saved money?
You can buy multiple items from the merchant you are saving for by adding them all to the same cart or by making multiple purchases at that merchant. All of your purchases will include prorated percentage of rewards for the amount you purchase, for example:
- If your $100 in savings will give you $10 in rewards totalling $110 and your purchase is $50 you will receive $5 or 50% of your rewards totalling $55 ).
- You would then have $55 left in your wallet ($50 deposited by you and $5 leftover rewards)
You can view your leftover funds and rewards on your dashboard. You can choose to make another purchase with those funds, continue to save, or request a refund of your deposited money.
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 bank deposit to post to my Accrue Savings user dashboard?
ACH bank transfers will show as pending prior to them being posted to your account. If an ACH transfer is initiated before 3pm the transfer will be posted in 3 business days. If it is initiated after 3pm, the transfer will be posted in 4 business days.
How long does it take for a credit card/debit card deposit to post to my Accrue Savings user dashboard?
Debit card deposits or contributions 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 be posted in 2-4 business days. If it is initiated after 3pm, the transfer will be posted in 3-5 business days.
Can I withdraw my deposits and rewards at any time?
You can stop your savings and initiate a refund for all of the money you have deposited in your Accrue savings account anytime from visiting your dashboard and clicking “More Options”. You will forfeit all of the rewards you have earned. Any contributions made to you by friends or family will be returned to them and you will receive a full refund of your deposits in your account 3-5 business days after you initiate the request.
What if I want to withdraw funds but continue to save?
If you would like to withdraw deposited money from your Accrue Savings account while keeping your savings account with us, please contact us at info@accruesavings.com. You can request a partial or full refund anytime. The funds will be available in your account 3-5 business days after you submit 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 support@accruesavings.com. The refund will be applied to your FDIC insured account with us. You will forfeit any accrued rewards. Your deposited funds will be refunded in full and available in your account 3-5 business days after you initiate the request and the refund is processed.
If the refund is for less than the original purchase price Accrue will deduct the amount of the rewards and issue a refund for the remaining balance.
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
- 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).
Once your purchase is complete, you can decide to make another purchase with the money in your account or you can stop your savings from your dashboard by selecting “More Options” on your progress bar. All remaining funds will be returned to you less the prorated rewards. You can attach your bank account in order to receive an electronic transfer or we can send a paper check in the mail.
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 or debit card is connected at the time of purchase, Accrue Savings will initiate a one-time ACH transfer from your linked 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.
How do ACH transactions appear in the bank statement of my funding account?
ACH deposits will display under the name "ORIG CO NAME:ACCRUE CO". (Deposits prior to 5.19.23 will display the name of our banking partner Unit.)
How do debit transactions appear in the bank statement of my funding account?
Debit Card transaction will display under the name "ACCRUE MONEY NEW YORK NY"
Are there any fees associated with my Accrue Savings account?
Generally, Accrue Savings does not charge any fees for using our service. The money deposited by you can 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 support@accruesavings.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.