Free App Encourages Starting ‘Future Me’ Fund,
Adds Group Saving
Dobot, Powered by Fifth Third, is encouraging people to start
the year saving for a $500 “Future Me” fund. To encourage people to
put aside $20 a week toward the fund, the app will offer monthly
challenges.
This press release features multimedia. View
the full release here:
https://www.businesswire.com/news/home/20200128005099/en/
Dobot's new Save Together feature lets
users save with family or friends. (Graphic: Business Wire)
“Few Americans have enough saved for unexpected expenses or
emergencies,” said Andy Zurcher, who oversees Fifth Third Bank’s
Dobot app. “We want to help them create a safety net and become
more resilient. We want them to save for their future selves.”
Many surveys show that more than half of Americans don’t have at
least $400 in savings in case they face an unexpected bill.
Since it was launched a year ago, Dobot has helped users set
goals to save more than $390 million. The majority of users set
goals for less than $5,000, saving for everything from a wedding to
a vacation. The free app allows users to define their goal and
upload a photo. Then they specify how much they want to save and
when they need the money. Every week, Dobot automatically transfers
small amounts of money from the customer’s checking account to
their Dobot savings. The app includes a Scheduled Savings feature,
allowing users to control how much and how often they want to
save.
Fifth Third recently added a Save Together feature to help users
save for a group goal. It allows you to set a goal with friends or
family, see each other’s progress and encourage others along the
way. The app now has a 4.8 rating in the Apple store.
To start your year off right, we’re sharing tips from our Dobot
team.
1. Make saving a game with monthly challenges. Tackle a
different challenge every month and see your savings stack up.
We’re challenging Dobot users who are participating in Dry January
to save $20 a week that would have been spent at a Friday happy
hour; or to put aside the money they would have spent on coffee
drinks. In less than six months, they will have $500 saved.
2. Change how you think about savings. Think about saving
as a life goal, not a financial goal. You and your best friend want
to go on a weekend trip to New York City; you want to renovate your
bathroom; you want to plan a fun birthday party for your child.
This helps you reframe the goal from, “I want to save $1,000” or
some other amount. Once you think of it as a life goal, you
visualize it, and that makes it easier to save.
3. Get a handle on your money. Make a list of what’s
coming in and what’s going out. Look at what needs to go out, so
you can look at what can go into savings. Be realistic. You can’t
pay yourself first if you can’t pay your rent, buy groceries and
pay the utility bill.
4. Evaluate your monthly subscriptions. Most of them
automatically renew, so you might be paying for a service that you
haven’t used in months. If you cut back on a subscription, consider
routing that monthly amount over to savings.
5. Don’t save cards with online retailers. Do you have a
credit card saved with an online site you shop? It’s convenient,
but it also makes it easier to click Buy Now without a second
thought. Consider disabling the feature and see if it helps you
save.
6. Automate savings. Consider a 401(k) plan, which often
comes with an employer match. Then consider putting money into a
savings account, or using a savings app. We recommend Dobot, of
course! It’s free. It doesn’t make sense to pay someone to help you
save.
7. Save with friends. It’s easier to save when your
friends help hold you accountable. The new Save Together feature on
Dobot helps users nudge each other to share. Users can share
progress and congratulate each other along the way.
The app is available to anyone who has a checking account with
any U.S. financial institution, not just Fifth Third customers. The
app connects to the user’s checking account. To download Dobot,
search for it in the Apple App Store or Google Play Store.
Dobot is a registered trademark of Fifth Third Acquisition
Holdings, LLC. App Store is a registered service mark of Apple,
Inc. Google Play is a registered trademark of Google LLC.
About Fifth Third
Fifth Third Bancorp is a diversified financial services company
headquartered in Cincinnati, Ohio, and the indirect parent company
of Fifth Third Bank, National Association, a federally chartered
institution. As of December 31, 2019, Fifth Third had $169 billion
in assets and operated 1,149 full-service banking centers and 2,481
ATMs with Fifth Third branding in Ohio, Kentucky, Indiana,
Michigan, Illinois, Florida, Tennessee, West Virginia, Georgia and
North Carolina. In total, Fifth Third provides its customers with
access to approximately 53,000 fee-free ATMs across the United
States. Fifth Third operates four main businesses: Commercial
Banking, Branch Banking, Consumer Lending and Wealth & Asset
Management. Fifth Third is among the largest money managers in the
Midwest and, as of December 31, 2019, had $413 billion in assets
under care, of which it managed $49 billion for individuals,
corporations and not-for-profit organizations through its Trust and
Registered Investment Advisory businesses. Investor information and
press releases can be viewed at www.53.com. Fifth Third’s
common stock is traded on the Nasdaq® Global Select Market under
the symbol “FITB.” Fifth Third Bank was established in 1858.
Deposit and Credit products are offered by Fifth Third Bank,
National Association. Member FDIC.
View source
version on businesswire.com: https://www.businesswire.com/news/home/20200128005099/en/
Laura Trujillo (Media Relations) Laura.Trujillo@53.com |
513-534-NEWS
Fifth Third Bancorp (NASDAQ:FITB)
Historical Stock Chart
From Mar 2024 to Apr 2024
Fifth Third Bancorp (NASDAQ:FITB)
Historical Stock Chart
From Apr 2023 to Apr 2024