Check it out! I used a similar service to this when my bank PNC was National City. National City offered a Credit Helper Savings Account, where you paid money into it every month and it built your credit for on time deposits while also building your savings. At the end of the term, you were able to cash out your entire savings and your credit was improved. This was AWESOME, but after PNC bought National City, the program went away. SeedFi is very similar, the only differences I see is are that there is a charge to use it, $1 per month if you choose the $20 every other week savings like I am, and that the payments into the savings are automatic, so the automated process is better because you don't even have to think about it. If you need to save without thinking about it and you want to build your credit, try this out!
Sounds like a cool program.
Sounds like a cool program.
It really is and at $1 per month, $12 per year, that's not too bad for something that lets you save automatically AND builds your credit by around 20-40 points!
i use a similar program called Self
i use a similar program called Self
I haven't heard of that one, does it work in the same manner?
That is a really good program. I hope more banks get in on this.
This is very helpful. I am going to check this out.
some banks have recurring transfers you can set up from your checking account at no fee , that help build savings. So I don't understand the advantage of this.
some banks have recurring transfers you can set up from your checking account at no fee , that help build savings. So I don't understand the advantage of this.
But with your bank, you can take the money right back out of your savings account. With SeedFi, you pay into your savings, but you can't take it back out, so this forces you to not spend the money. Of course, if you can't wait the entire year to pay the whole amount into your credit building savings account to release the funds, you can cancel your account. This just helps to keep the money you're trying to save out of reach. SeedFi also building your credit as you save. Your bank account auto-transfers aren't going to do that. Each "payment" into your credit builder account is reported to the credit bureaus, and they reflect positively on your credit score, like if you were paying on a credit card. These are definitely advantages over just auto-transferring money from your checking account into your savings account.
I use Self as well. I am very discouraged by this app. While my credit score is up in all monitoring apps, Self has my score dropping. I not only pay Self on time but more than is required. I dont think the tool is helpful.
I'm signing up now. Thank you!
I use Self as well. I am very discouraged by this app. While my credit score is up in all monitoring apps, Self has my score dropping. I not only pay Self on time but more than is required. I dont think the tool is helpful.
I can't comment on Self, I haven't used it. Maybe Self is just slower that the reporting agencies? Good luck!
