What is Accrue?
Accrue offers an FDIC-insured account through our Sponsor Bank. Bangor Savings Bank, Member FDIC. This account is tied to a specific merchant that helps you afford the things you love without debt, interest, or late fees. Your deposits are FDIC-insured up to the legal limit of $250,000. You will earn cash rewards along the way and can invite family and friends to contribute to your goal.
How do I use Accrue?
- Select the merchant you want to save up for
- Create your Accrue account (with or without a goal amount)
- Decide how you would like to fund your savings (Recurring schedule, Round-Ups, One-Time Deposits, Crowdfunds, or a mixture of all)
- Get cash rewards on every deposit into your savings
- When you are ready, make your purchase with a virtual debit card
- Continue to save for a later purchase or stop your savings
How can I fund my savings?
- Round-up purchases from an external account to save faster
- Set a recurring deposit to your Accrue goal
- Make a one-time supplemental payment to reach your goal faster
- Have friends and family contribute to your savings goal
Earn rewards for every deposit made to your savings
For every deposit you make towards your savings goal, the merchant will add a percentage to your balance. The rewards get applied to your balance at the time of purchase.
How long does it take to save for a purchase with Accrue?
Accrue 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?
Accrue has partnered with merchants 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, message us at info@accruesavings.com.
When will I receive my cash rewards?
Your rewards will be applied to your Accrue wallet with every deposit! You will see the reward amount in your Accrue dashboard under the transaction section and in the savings progress bar. These rewards may only be redeemed when you purchase at the merchant 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 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 does not have access to any account usernames or passwords you enter to link your account securely.
If you do not want to connect your bank account using Plaid or Finicity, you can add a debit card to your account to make your deposits.
How do I invite friends and family to contribute to my Accrue goals?
Once you set a savings plan, you will have access to the Accrue 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 transfer my savings to a different merchant 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 merchant and we will transfer all your deposits to your new savings goal. The rewards you earned up to that point will be forfeited but you will gain the rewards offered for the new merchant you are saving for!
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 deposit amount or frequency, your Round-ups amount, or your savings goal amount from your dashboard.
What if I want to pause my savings plan or skip my next auto deposit?
You can choose to delete any funding schedule you have set up (Round-ups or recurring deposits) at any time. When you are ready to start saving again simply come back and add a new schedule.
What if I want to make my purchase before I have reached my savings goal?
You can make a purchase whenever you would like along your savings journey for the full amount saved or a lesser amount. Rewards are applied at the time of purchase on a prorated basis
For example: if you have a $500 balance including $400 in your deposits and $100 in earned rewards and you make a purchase for $250 (50% of total savings goal balance) You would use $200 in your deposits and $50 in rewards. The remaining balance would stay in your savings until you make another purchase or cancel your savings.
What if I want to save more than my original savings goal?
If you originally set a goal amount to save for and would like to save more or want to use your wallet in a reloadable fashion, you can increase or delete your goal at any time from your dashboard.
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 a 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 only (reward funds will be forfeited).
Can I stack rewards earned from Accrue with other sales & promotions offered by the merchant?
Yes. Money saved and rewards earned in your Accrue account is separate and distinct from any discounts, sales, or promotions a merchant may offer. You will be using a virtual debit card for that merchant (much like a gift card would work) that allows you to take advantage of any other discounts you may have.
How long does it take for an ACH bank deposit to post to my Accrue 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 EST the transfer will be posted in 3 business days. If it is initiated after 3pm EST, the transfer will be posted in 4 business days.
How long does it take for a debit card deposit to post to my Accrue 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 EST, it will be posted in 2-4 business days. If it is initiated after 3pm EST, 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 deposited in your Accrue account anytime by following these instructions: How to withdraw deposits. You will forfeit all of the rewards you have earned. 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 account while keeping your savings account with us, You can request a partial or full refund anytime by following these instructions: How to withdraw deposits. 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 after purchasing, the merchant will follow their process and return the funds to your FDIC insured account with us. You can then choose to make another purchase, keep saving, transfer your deposits to another wallet, or withdraw the money you deposited and 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 prorated amount of the rewards and issue a refund for the remaining balance.
What if I have leftover funds in my account after purchase?
Once your purchase is complete, you can decide to make another purchase with the money in your account or you can stop saving and request a refund from your dashboard by followin instructions: How to withdraw deposits.. All remaining funds will be returned to you less the prorated rewards. You can link your bank account in order to receive an electronic transfer or we can send a paper check in the mail which will be sent to the address on file.
How does Accrue 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 account. This incremental cost may be unknown when you initially set your savings schedule.
We offer a buffer amount to make your purchase in case the amount is over your savings goal. If you spend more than what is in your savings you will still earn rewards towards that purchase and we will issue a one time transaction from your payment source to cover the remainder.
For Example: If you had a savings goal of $500 and were earning 10% in rewards at the time and your total purchase amount was $600. We would contribute an additional $10 in rewards and withdraw $90 from your attached account to cover the difference.
How do ACH transactions appear in the bank statement of my funding account?
ACH deposits will display under the name "Accrue Savings". (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 transactions will display under the name "ACCRUE MONEY NEW YORK NY"
Are there any fees associated with my Accrue account?
Generally, Accrue 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 account?
While your Accrue 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?
Your privacy and security are very important to Accrue. Our service protects your personal information, banking information, and savings. Your deposits are insured by the Federal Deposit Insurance Corporation (FDIC) through our Sponsor Bank, Bangor Savings Bank, Member FDIC up to $250,000, so you can confidently save towards your purchase.
How do I contact Accrue?
You can email us at any time at support@accruesavings.com, and someone from our support team will be in touch.
If you prefer to speak to a representative, you can call us toll-free at 1-844-918-3672. We are available 9 am-5 pm EST. Outside of those hours, you can leave a message and we will contact you the following business day.