App and rounding off savings: discover microsavings

A very simple technique for saving.

We tend to think of saving as transferring different amounts of money into a savings account. This is just like when children put coins into a piggy bank with the hope of saving enough to buy something they really want.

Nowadays, it is much easier to do this thanks to new technologies such as the BBVA app. The BBVA app features a microsavings tool in the Set up your account section. With this Rounding Off tool, those extra cents in change from each purchase you make are transferred automatically to a second account. So, you'll start to save without realizing it.

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How does Rounding off work?

When you make a purchase, the total cost rarely adds up to a whole number (i.e., the price is typically a decimal number). The rounding off tool rounds up this amount to the next euro and automatically transfers the difference (i.e., the change) in cents to a second savings account. For example: if you go to a supermarket and the total amount is €13.45, the 55-cent difference to the next whole number (i.e., €14) will be transferred to your savings account. 

Therefore, whenever you make a purchase with a debit card (with the Rounding off feature activated), a small amount of money will go toward your savings. At the end of the day, all the extra cents from your different purchases are added up and sent as a single transfer to your second account. And, want to know the best thing? There are no fees and the money will appear in your selected account on the following business day.

What happens to the rounded off cents if you return a purchase? There's no need to worry. These cents will stay in your savings account. However, if you want, you can transfer the amount in cents back to the original account.
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To start using the Rounding Off tool, you need to download the BBVA app and hold two BBVA accounts (one linked with a debit card). 

The first is the source account (with a linked debit card) to which the Rounding Off rule is applied. The second is the destination account to which the microsavings are transferred. You can create this account easily in My Goals. Finally, don't worry about paying any fees because there aren't any.

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