Upon registration, we securely ask you to input your primary banking account. This account is the one you use most frequently. We will start to monitor your everyday purchases and round up each transaction to the nearest dollar. For Example, a $2.45 transaction will get rounded up to $3.00. We will display the accumulated change until it reaches $5.00. At that point we will debit your account and send the money to you personalized CoinStash account. At the end of each month we will send all the funds in your personalized CoinStash account to your student loan servicer.
Security is the number one concern at CoinStash and we take it very seriously. However, you can rest assure that all your information is not kept on our end. We use Bank level encryption to send information to our partners this includes your bank credentials.
We charge a small monthly fee of $1.99 which will be taken from the spare change that we collect. For example, if you monthly collected spare change is $40.00, we would send $38.01to your student debt servicer and we would keep the balance of $1.99. This way we do not hit your account with that charge as well.
It is very surprising how much your monthly roundups can accumulate. On average you can expect your monthly roundups to accumulate to about between $25 - $45. This is about $300 - $540 a year. This can save you well over $5000 in interest payments and two to three years less time in paying off your loans. Assuming you are paying it off over ten years or more.