Who are BUILD & SAVE Accounts designed for?
Build Credit & Targeted Savings
Build & Save accounts are designed for consumers that want to grow a target amount of savings in a specific timeframe. With Build & Save you can build:
- $1,000 of savings in 12 months, or
- $1,000 or $2,000 of savings just in 24 months
Consider Your Goals
When selecting your account type, you should consider how important the savings element is to your goals. While Build & Save accounts accelerate your savings progress because of their shorter term, the shorter term may not positively affect your ‘Length of Credit History’ as much as other Credit Strong accounts. Length of Credit History impacts 15% of your FICO® Score.
Example: Depending on your objectives, you may be better off with a Subscribe account and keeping it open for five years vs getting five 12 month Build & Save accounts in a row.
Balanced Credit Building and Savings
Build your nest egg quickly while you build credit. While all Credit Strong accounts help grow savings each month, Build & Save accounts have shorter terms, so more of each payment goes towards your savings progress.
Decreasing Cost – Increasing Savings
With Build & Save accounts, every month your interest cost goes down and your savings progress accelerates.
The tables below illustrate interest expense vs. savings progress for Build & Save 1000 12 month, Build & Save 1000 24 month, and Build and Save 2000 24 month accounts.
Build & Save 1000 – 12 Months
One-time, non-refundable administrative fee: $8.95
Annual percentage rate: 14.04%
| Monthly Payment | Monthly Savings Progress | Monthly Interest Expense | Cumulative Savings Progress | Avg. % of Payment Applied to Savings Progress | |
|---|---|---|---|---|---|
| Month 1 | $89.00 | $78.73 | $10.27 | $79 | 88% |
| Month 2 | $89.00 | $79.54 | $9.46 | $158 | 89% |
| Month 3 | $89.00 | $80.36 | $8.65 | $239 | 90% |
| Month 4 | $89.00 | $81.18 | $7.82 | $320 | 91% |
| Month 5 | $89.00 | $82.01 | $6.99 | $402 | 92% |
| Month 6 | $89.00 | $82.86 | $6.14 | $485 | 93% |
| Month 7 | $89.00 | $83.71 | $5.29 | $568 | 94% |
| Month 8 | $89.00 | $84.57 | $4.43 | $653 | 95% |
| Month 9 | $89.00 | $85.44 | $3.56 | $738 | 96% |
| Month 10 | $89.00 | $86.31 | $2.69 | $825 | 97% |
| Month 11 | $89.00 | $87.20 | $1.80 | $912 | 98% |
| Month 12 | $89.00 | $87.19 | $0.90 | $1,000 | 98% |
Build & Save 1000 – 24 Months
One-time, non-refundable administrative fee: $8.95
Annual percentage rate: 14.89%
| Monthly Payment | Monthly Savings Progress | Monthly Interest Expense | Cumulative Savings Progress | % of Payment Applied to Savings Progress | |
|---|---|---|---|---|---|
| Month 1 | $48.00 | $36.36 | $11.64 | $36 | 76% |
| Month 2 | $48.00 | $36.78 | $11.22 | $73 | 77% |
| Month 3 | $48.00 | $37.21 | $10.79 | $110 | 78% |
| Month 4 | $48.00 | $37.64 | $10.36 | $148 | 78% |
| Month 5 | $48.00 | $38.08 | $9.92 | $186 | 79% |
| Month 6 | $48.00 | $38.52 | $9.48 | $225 | 80% |
| Month 7 | $48.00 | $38.97 | $9.03 | $264 | 81% |
| Month 8 | $48.00 | $39.42 | $8.58 | $303 | 82% |
| Month 9 | $48.00 | $39.88 | $8.12 | $343 | 83% |
| Month 10 | $48.00 | $40.35 | $7.65 | $383 | 84% |
| Month 11 | $48.00 | $40.82 | $7.18 | $424 | 85% |
| Month 12 | $48.00 | $41.29 | $6.71 | $465 | 86% |
| Month 13 | $48.00 | $41.77 | $6.23 | $507 | 87% |
| Month 14 | $48.00 | $42.26 | $5.74 | $549 | 88% |
| Month 15 | $48.00 | $42.75 | $5.25 | $592 | 89% |
| Month 16 | $48.00 | $43.25 | $4.75 | $635 | 90% |
| Month 17 | $48.00 | $43.75 | $4.25 | $679 | 91% |
| Month 18 | $48.00 | $44.26 | $3.74 | $723 | 92% |
| Month 19 | $48.00 | $44.78 | $3.22 | $768 | 93% |
| Month 20 | $48.00 | $45.30 | $2.70 | $813 | 94% |
| Month 21 | $48.00 | $45.83 | $2.17 | $859 | 95% |
| Month 22 | $48.00 | $46.36 | $1.64 | $906 | 97% |
| Month 23 | $48.00 | $46.90 | $1.10 | $953 | 98% |
| Month 24 | $48.00 | $46.90 | $0.55 | $1,000 | 98% |
Build & Save 2000 – 24 Months
One-time, non-refundable administrative fee: $8.95
Annual percentage rate: 14.43%
| Monthly Payment | Monthly Savings Progress | Monthly Interest Expense | Cumulative Savings Progress | % of Payment Applied to Savings Progress | |
|---|---|---|---|---|---|
| Month 1 | $96.00 | $72.71 | $23.29 | $73 | 76% |
| Month 2 | $96.00 | $73.56 | $22.44 | $146 | 77% |
| Month 3 | $96.00 | $74.42 | $21.58 | $221 | 78% |
| Month 4 | $96.00 | $75.28 | $20.72 | $296 | 78% |
| Month 5 | $96.00 | $76.16 | $19.84 | $372 | 79% |
| Month 6 | $96.00 | $77.05 | $18.95 | $449 | 80% |
| Month 7 | $96.00 | $77.94 | $18.06 | $527 | 81% |
| Month 8 | $96.00 | $78.85 | $17.15 | $606 | 82% |
| Month 9 | $96.00 | $79.77 | $16.23 | $686 | 83% |
| Month 10 | $96.00 | $80.70 | $15.30 | $766 | 84% |
| Month 11 | $96.00 | $81.64 | $14.36 | $848 | 85% |
| Month 12 | $96.00 | $82.59 | $13.41 | $931 | 86% |
| Month 13 | $96.00 | $83.55 | $12.45 | $1,014 | 87% |
| Month 14 | $96.00 | $84.52 | $11.48 | $1,099 | 88% |
| Month 15 | $96.00 | $85.51 | $10.49 | $1,184 | 89% |
| Month 16 | $96.00 | $86.50 | $9.50 | $1,271 | 90% |
| Month 17 | $96.00 | $87.51 | $8.49 | $1,358 | 91% |
| Month 18 | $96.00 | $88.53 | $7.47 | $1,447 | 92% |
| Month 19 | $96.00 | $89.56 | $6.44 | $1,536 | 93% |
| Month 20 | $96.00 | $90.60 | $5.40 | $1,627 | 94% |
| Month 21 | $96.00 | $91.66 | $4.34 | $1,719 | 95% |
| Month 22 | $96.00 | $92.72 | $3.28 | $1,811 | 97% |
| Month 23 | $96.00 | $93.80 | $2.20 | $1,905 | 98% |
| Month 24 | $96.00 | $93.79 | $1.10 | $2,000 | 98% |
Note: All amounts above are estimates based on on-time loan payments, actual amounts may vary depending on timing, amount, and number of payments.
