About the Rainy Day Savings Program

Most financial emergencies students encounter can be addressed with just $500 in a savings account. We know this from meeting with hundreds of students who have faced financial emergencies.  Most students (and many Americans!) don’t have $500 set aside to cover an emergency.

Last year, we gave students a total of $12,625 to boost their emergency savings! Currently, our 661 active savers have a collective balance of $472,429 – an impressive average balance of $714 per saver.

Our Rainy Day Savings Program runs from February 2024-May 2024


Join us, and let’s boost your emergency savings. We will help you establish a *new* Rainy Day Savings account at University Federal Credit Union (UFCU). Once you meet the program requirements, we’ll deposit $200 into your new savings account. With your emergency fund, you’ll be better prepared for sudden expenses like car repairs, reduced work hours, or unexpected dentist visits.


To be eligible to participate in the Rainy Day Savings Program, you must:

  1. Be enrolled in at least six credit hours at Austin Community College (ACC) in the current semester.
  2. Plan to enroll in at least six credit hours at ACC next semester.
  3. Be seeking a degree or certificate at ACC.
  4. Not have participated previously in the Rainy Day Savings Program at ACC.
  5. Be 18 years old or older.
  6. Have a valid driver’s license, state ID, or passport.

Program Requirements

To receive your $200 deposit into your emergency savings account at University Federal Credit Union, you must:

  1. Attend and actively participate in one Rainy Day Program Welcome Session.
    • Monday, February 5, 4 – 6 p.m. at Round Rock Campus
    • Thursday, February 8, 4 – 6 p.m. at Highland Campus
    • Friday, February 16, 3:30 – 5:30 at Riverside
  2. Participate in one Rainy Day Savings Savings Summit
    • The Savings Summit will be virtual and will be about an hour long.
    • There will be 3 offerings of Savings Summits:
      • Monday, March 4 at 3 p.m.
      • Wednesday, April 10 at 2 p.m.
      • Thursday, April 18 at 4 p.m.
  3. Establish a *new* Rainy Day Savings account at UFCU (we will help you do this at the Welcome Session!)
  4. Set-up direct deposit into your UFCU savings account by May 1, 2024
  5. Meet with a financial coach with our partners at Foundation Communities by May 1, 2024
  6. Explore and complete financial education modules through ACC’s Financial Education platform, iGrad!

Ready to apply?

The application for spring 2024 is now open. Please apply by clicking here! The application will close February 2nd or when all available participant spots are filled.

We recommend reading through the Frequently Asked Questions below before completing your application.


Connect with our coordinator responsible for the Rainy Day Savings program: [email protected]

Promotional flyer

ACC faculty & staff, please share this flyer with your students!

Frequently Asked Questions

Here are questions students ask about the program. If your question isn’t answered below, email [email protected]!

When and where are the Welcome Sessions?

There will be 3 in-person Welcome Sessions. There will be one Welcome Session held in the North, Central, and South regions.

  • Monday, February 5th 4:00-5:30pm (TBD Campus Location)
  • Thursday, February 8th 4:00-5:30pm (TBD Campus Location)
  • Thursday, February 15th 3:30pm (TBD Campus Location)

What if I can't attend a Welcome Session?

Attending a Welcome Session is a program requirement. If these don’t work for you, we recommend you consider Fall 2024 as different days and times will be made available.

What will we do in the Welcome Session?

The Welcome Session will be lead by Caroline Hoang, who coordinates the Rainy Day Savings Program, and loves helping students establish emergency savings. During the 1-hour Welcome Session you will:

  1. Complete your UFCU application to open your savings account. (You will need your government ID, driver’s license, or passport to complete this application)
  2. Explore and complete one module on ACC’s Financial Education platform, iGrad.

What is a “Rainy Day Savings Summit”?

The Rainy Day Savings Summit is a 60-minute virtual group discussion involving program participants, led by Caroline. During this time, the group will engage in conversations about saving, budgeting, and goal-setting. It provides a chance for participants to learn from one another, share experiences, and exchange tips on their current monthly saving practices. Recognizing that discussing finances can be anxiety-inducing, the goal of the Rainy Day Saving Summit is to create a comfortable space for students to openly talk about money.

When will I get my $200 deposit?

You can expect to receive your $200 deposit by June 2024. As a reminder, you will be eligible to receive your $200 deposit, when you:

  1. Have attended and participated in one Welcome Session
  2. Have successfully opened an account at UFCU (see “What will we do in the Welcome Session?”)
  3. Established direct deposit into your new UFCU account by the end of the program date.
  4. Complete the required modules on iGrad
  5. Attend at least one Rainy Day Savings Summit
  6. Schedule and attend a financial coaching session with our partners at Foundation Communities. Both online and in-person options are available.

Can I use an account at another bank or credit union, or does it have to be UFCU?

No, you cannot use an account from another bank or credit union. Only the account we open with you at UFCU is eligible for this program. Here are more details about UFCU’s savings accounts.

How do I open my account at UFCU?

We will help you open the account during your Welcome Session. To open your account, you’ll need one form of unexpired photo identification (examples: drivers license, state ID, passport).

What if I already have an account at UFCU? Do I have to open another one?

Yes, for the purposes of the Rainy Day Savings Program, we will open a new account for you at UFCU. If you have other accounts at UFCU, this newly established account will appear alongside your existing accounts.

Will I have to contribute an opening deposit to open my new account at UFCU?

No! UFCU has agreed to provide the $5 opening deposit for our Rainy Day Savers. You do, however, need to make at least one deposit into your newly established account within 30 days of opening the account.

What do I need to open an account at UFCU?

To open your account, you’ll need one form of unexpired photo identification (examples: drivers license, state ID, passport). You do not need to make an opening deposit. UFCU has agreed to provide the $5 opening deposit for our Rainy Day Savers.

Does the UFCU account have monthly fees?

Your new UFCU account will have no monthly fees.

Will my UFCU account earn interest?

Yes, your new UFCU account will earn a small amount of interest. We understand that some cultures do not permit earning interest. If this applies to you, we will work with you to ensure you have an account established that does not earn interest. Just let us know, and we can help get that set up for you.

Is there a minimum balance requirement?

You must maintain a balance of at least $5 in your account to keep it open.

How do I make deposits into my new UFCU account?

Once your account is open at UFCU it’s time to start saving! You can make deposits into your UFCU account online, in person at any UFCU branch, or at shared-branch credit unions. Your financial coach can help you set up a savings plan so you reach your savings goal.

You must maintain a balance of at least $5 in your account to keep it open.

What if I can't open an account at UFCU?

There are some instances when students are not able to open accounts at UFCU, usually due to a past-due debt owed to UFCU or another credit union. We suggest students try to open account. If their account application is denied, the student may be able to work with UFCU to resolve the debt and regain the ability to open an account.

When can I use the money in my account?

The money in the account, including money you’ve deposited and cash incentive you’ve earned, can be used when you have a financial emergency. You may withdraw and use your funds at any time. We will never prohibit you from withdrawing your funds; however, we appreciate it when students let us know before they make a withdrawal. Many times there are other ways we can help you meet your financial emergency while preserving the money you have worked so hard to save!

Thank you!

Thank you to University Federal Credit Union for holding the savings accounts and funding incentives, and to Trellis Foundation for providing funding to support programming and student incentives.

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