Visions’s Summer Savers
Payroll Extender Account©.

Summer Savers

Some Visionsunty area schools do not offer their employees the option of a 12-month salary payment.  Or, if they do, the option does not pay interest. In these cases, summer savings becomes even more important to teachers and educational support professionals.

Visions is here to help.

Visions now offers a Summer Savers Account that helps you spread your yearly earnings so that you are comfortably prepared for the summer months.  You may now put some of your salary aside during the school year and then have Visions provide your savings to you during July and August.

You tell us.

On the application, you tell us how you want this to work.  Tell us:

  • How much you want to save each pay period.
  • How your savings will get to us.
  • How you want to “get paid” during July and August.

Options.

You may save as much or as little as you want through Direct Deposit, transfer from another account, mailing in your deposit or bringing it to a branch.  Visions will transfer the amount you stipulate to your Visions checking account twice a month during July and August, or we’ll send you a check on the 15th of each of those months. You tell us.

Here is a guide to saving for the summer. 

If you clear $40,000, $60,000, or $70,000 per school year after taxes and other deductions, you might want to get paid during the summer an amount close to what you were making during the school year.

A good rule of thumb is to multiply your take-home pay total by 20% to approximate your regular pay during July and August.  So if you take home $60,000 each year, or about $6,000 per month, you would have to deduct from your pay and deposit in your Summer Savers Payment Extender account about $600 per pay period.  That would equal $1,200 a month, $12,000 dollars per school year, or $6,000, plus interest, each for July and August.

20% Savings Plan

Take home pay
after taxes

Monthly take home                        

20%

Total Summer Savings
(x 10)

Per month amount
for July and August

$40,000

$4,000

$800*

$8,000

$4,000

$60,000

$6,000

$1,200

$12,000

$6,000

$70,000

$7,000

$1,400

$14,000

$7,000

 

 

 

 

 

*That’s saving only $400 per pay period to get $4,000 in July and $4,000 in August!
If 20% is a stretch, try saving at least 10% of your take-home pay to give you a more comfortable summer.  Once again, if you take home $60,000 for the school year, a 10% saving in your Summer Savers Payment Extender would give you a nice summer nest egg of $6,000, plus interest, for the summer.
10% Savings Plan


Take home pay
after taxes

Monthly take home                        

10%

Total Summer Savings
(x 10)

Per month amount
for July and August

$40,000

$4,000

$400*

$4,000

$2,000

$60,000

$6,000

$600

$6,000

$3,000

$70,000

$7,000

$700

$7,000

$3,500

 

 

 

 

 

*That’s saving only $200 per pay period to get $2,000 in July and $2,000 in August!

Happy Summer Savings!

Click here to apply