Simmons Bank Helps Customers Save $5.2 Million in "Change" in 2022 with Round-Up Program

Rhea-AI Summary

Simmons Bank announced that its Round-Up savings program enabled customers to save over $5.2 million in the first eleven months of 2022. With participation from more than 26,500 customers, usage increased by approximately 5% year-over-year, while savings rose by 7%. The program automates savings by rounding debit card transactions to the nearest dollar, depositing the change into savings or checking accounts. This initiative reflects growing financial security among Americans, with recent surveys indicating that only 44% of adults have adequate savings for emergencies.

Positive

• Round-Up program allowed customers to save over $5.2 million in 2022.
• Participation grew to more than 26,500 customers, a 5% increase from 2021.
• Total savings increased by 7% year-on-year.

Negative

• None.

PINE BLUFF, Ark., Dec. 21, 2022 /PRNewswire/ -- Simmons Bank announced today its automatic savings program, Round-Up, allowed customers to save over $5.2 million during the first eleven months of 2022. More than 26,500 customers utilized the program during this period. Compared to the same timeframe in 2021, the program has grown in customer usage by approximately 5 percent and dollars saved are up 7 percent.

According to a Bankrate survey released earlier this year, only four out of 10 Americans have enough savings  to cover the cost of a $1,000 car repair, emergency visit or unplanned expense. While just 44 percent of the 1,004 U.S. adults surveyed have enough money saved, the percentage is up from 39 percent a year ago, and is the highest percentage capable of covering an emergency expense since the survey began in 2014.

"Simmons Bank Round-Up Savings programs provides a convenient way for customers to put their savings plan on 'auto-pilot' by adding to their savings or checking account with each debit card transaction they make," said Joshua Jensen, chief deposit officer at Simmons Bank. "When customers enroll in this program, the "change" remaining from a transaction is placed into a savings or checking account, providing customers the ability to conveniently save money to reach their savings goals."  

Established in 2014, the Simmons Bank Round-Up program is designed to eliminate the effort needed to save by automating the process when customers use their debit card to conduct a purchase. With each debit card purchase made by a customer who is enrolled in the program, Simmons Bank rounds the transaction up to the nearest whole dollar and deposits the "change" into a Simmons Bank savings or checking account of the customer's choice.

About Simmons Bank

Simmons Bank is a wholly owned subsidiary of Simmons First National Corporation (NASDAQ: SFNC), a Mid-South based financial holding company that has paid cash dividends for 113 consecutive years. Simmons Bank operates more than 230 branches in Arkansas, Kansas, Missouri, Oklahoma, Tennessee and Texas. Founded in 1903, Simmons Bank offers comprehensive financial solutions delivered with a client-centric approach. In 2022, Simmons Bank was named to Forbes list of "America's Best Banks" for the second consecutive year and to Forbes list of "World's Best Banks" for the third consecutive year. Additional information about Simmons Bank can be found on our website at simmonsbank.com, by following @Simmons_Bank on Twitter or by visiting our newsroom.

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SOURCE Simmons Bank

FAQ

What is Simmons Bank's Round-Up program and how does it work?

The Round-Up program automatically saves money by rounding each debit card transaction to the nearest dollar and depositing the change into a savings or checking account.

How much money did customers save with Simmons Bank's Round-Up program in 2022?

Customers saved over $5.2 million through the Round-Up program during the first eleven months of 2022.

What percentage of Americans have enough savings for emergencies according to recent surveys?

According to a Bankrate survey, only 44% of Americans have enough savings to cover unexpected expenses.

What was the growth in customer usage of the Round-Up program compared to 2021?

The Round-Up program saw a 5% increase in customer usage compared to the same period in 2021.

Is Simmons Bank involved in any recent rankings or awards?

Yes, Simmons Bank was named to Forbes' list of 'America's Best Banks' for the second consecutive year in 2022.