Financial Wellness

We’ve expanded our financial resources to include some new and improved tools, available from your dashboard and integrated with your account history: 

• Savings Goal. By creating a savings goal, you can allocate funds from one account to another (i.e., checking to savings) to reach your goal by a target date. The tool measures your goal by tracking incoming and outgoing funds from that savings account.
• Financial Health Checkup. This tool assesses your spending, debt, credit score, planning behaviors, and savings and even offers personalized recommendations.
• Spend Forecast. This tool forecasts your spending and income obligations based on transaction history, giving you a good idea of how much money you’ll have at a certain point in the future.
• Spending Analysis. A breakdown of your spending habits by category in a graphical format (recategorize your transactions at any time for a more refined view). This tool also compares your spending habits in the displayed time span with the previous period. You can even customize the analysis to include all of your accounts or just select ones.
• Get Your Credit Score. See your credit score (and a full credit report) in real time and for free, right from your digital banking dashboard. This tool also offers resources and tips to help you better understand how your credit is monitored.
• Aggregate External Accounts. Link external accounts you own to your digital banking dashboard, creating a one-stop hub.

You can even customize your dashboard to prioritize which tools you’d like to use on a regular basis.

SavvyMoney Credit Score is a free, comprehensive program available through digital banking (online and mobile) that helps you stay on top of your credit. You get your latest credit score and report, an understanding of key factors that impact the score, and can see the most up-to-date offers that can help reduce your interest costs or lower your monthly payments.

With this service, you’ll find a list of current or previous loans, accounts, and credit inquiries, and see details on your payment history, credit usage, and public records that show up on your account. In addition, SavvyMoney monitors your credit report daily and informs you through digital banking and by email if there are any big changes detected, such as:

• A new account being opened.
• A change in address or employment.
• A delinquency has been reported or an inquiry made. Monitoring helps users keep an eye out for identity theft.

SavvyMoney Credit Score also provides tools to help improve credit scores:

• Credit Score Action Plan. A customized plan to help increase your credit score.
• Financial Checkup. A comprehensive view of spending and cash flow.
• Credit Score Goal. Discover what others like you have done to reach their credit goals.

As long as you regularly access digital banking, your credit score will be updated every seven days and displayed within your digital banking screen. You also have the ability to refresh your credit score every 24 hours by clicking “Refresh Score.” This is done by navigating to the detailed Credit Score Dashboard from within digital banking.

SavvyMoney pulls your credit profile from TransUnion, one of the three major credit reporting bureaus, and uses VantageScore 3.0, a credit scoring model developed collaboratively by the three major credit bureaus: Equifax, Experian, and TransUnion. This model seeks to make score information more uniform between the three bureaus to provide consumers a better picture of their credit health.

No. SELCO does not have access to your credit file unless you share it with us. However, if you would like to share your credit report with your financial institution or any trusted party, you can easily download your SavvyMoney credit report by navigating to the “Credit Report” tab and clicking “Download Report” within digital banking.

SavvyMoney uses bank level encryption and security measures to keep your data safe and secure. Your personal information is never shared with or sold to a third party.

SELCO does not have access to your credit file unless you share it with us. However, if you would like to share your credit report with your financial institution or any trusted party, you can easily download your SavvyMoney credit report by navigating to the “Credit Report” tab and clicking “Download Report” within digital banking.

No. Checking your credit score and report is always a “soft inquiry,” which does not affect your credit score. Typically, lenders use “hard inquiries” to make decisions about your credit worthiness when you apply for loans.

Yes. After you have enrolled in Credit Score for the first time, SavvyMoney will monitor and send email alerts when there’s been a change to your credit profile. When applicable, you can also find these monitoring alerts within your digital banking account.

Yes. In the “Resources” tab under “Profile Settings,” you can choose which email notifications you want to receive, including credit monitoring alerts, monthly notices, and general messages.

We’re sorry, but investment accounts can’t be linked to the Financial Wellness tools at this time.