by Tara Blaine

Build a Saving Habit with a Protected Goals Account

Want to save up for the bigger things in life? Find out how a Protected Goals Account can help you make saving money a habit that gets you closer to the financial future you want.
Protected Goals Accounts

Saving up for your big dreams doesn’t happen overnight, but small steps over time will get you there. And sometimes the hardest part is getting started—especially if saving money feels like a slog.

The trick to saving up is to make it a habit. And for Simple customers, there’s another cool trick: a Protected Goals Account!

Start your saving habit

A Protected Goals Account is a high-yield checking account that’s designed to help you save up for the bigger things in life. Here’s how it works:

  1. Apply for and open a Simple Account—awesome checking and budgeting for your day-to-day spending (a free account with no minimum balance)
  2. Open a Protected Goals Account—a high-yield account that lives alongside your Simple Account (it’s also a free account with no minimum balance!)
  3. Put money you want to save up into your Protected Goals Account—where it earns interest and is shielded from accidental spending
  4. When you’re ready to spend what you’ve saved up, instantly transfer money from your Protected Goals Account into your Simple Account

Whether you’re building up an emergency fund or saving up for your biggest $$ goals, your Protected Goals Account helps you out by keeping your savings safe from accidental spending.

5 ways a Protected Goals Account helps you make saving a lasting habit

1. Make it fail-safe

You want to build a new saving habit—but old spending habits die hard. A Protected Goals Account helps you stick to your plans by playing bodyguard for your stash. If you get caught in a retail-therapy spree or a “just one more” mentality at the sushi carousel, you can’t mindlessly blow what you’ve squirreled away.

You need to manually transfer money from your Protected Goals Account into your Simple Checking Account before spending it. The transfer is instant, but that step gives you a pause to remember why you’re saving up—and a chance to flex your saving-habit muscle.

2. Make it automatic

Who says developing a habit is all about willpower? Put your saving on auto-pilot so that, come payday, you don’t have to sweat over the save-or-spend decision. Simple can automatically slide a little from every paycheck into your Protected Goals Account for you—and strengthening your habit (plus your account balance!) is that much easier.

3. Make it painless

We have a quibble with whoever came up with “no pain, no gain.” Because when a new practice is a piece of cake, you’re more likely to keep it up—and, in the case of saving money, literally gain!

That’s where Round-up Rules comes in. Whenever you buy something, Simple can round up what you spend to the next whole dollar amount and when the “change” reaches or exceeds $5, we’ll drop it into your Protected Goals Account. You’ll bulk up your bank balance and your saving habit…so effortlessly you won’t even feel it.

4. Make it grow

Seeing results stack up is a sure-fire way to reinforce a habit. And with a Protected Goals Account, your saving success gets a boost from a sweet interest rate! Earning interest every month builds up your savings and your super-saver routine. Let your money do some heavy lifting to power up your progress.

5. Make it stick

The Protected Goals Account lives alongside a suite of tools that will make you more confident with your money. Put it all together for a smart saving habit that lasts:

You don’t need an iron will to add to your nest egg. With patience and smart tools to help out, you can turn saving up from a daunting task to an unbreakable habit—one that gets closer every day to reaching your biggest financial goals.

Ready to rock this saving-up thing? Apply for Simple now!

Already a Simple customer? Let’s get your Protected Goals Account going!

Disclaimer: Hey! Welcome to our disclaimer. Here’s what you need to know to safely consume this blog post: We do our best to make sure information is accurate as of the date of publication, but things do change quickly sometimes. Any outbound links in this post will take you away from, to external sites in the wilds of the internet; neither Simple nor our partner bank, BBVA USA, endorse any linked-to websites; and we didn’t pay/barter with/bribe anyone to appear in this post. Individual situations will differ; consult your favorite finance, tax or legal professional for specific advice. And as much as we wish we could control the cost of things, any prices in this article are just estimates. Actual prices are up to retailers, manufacturers, and other people who’ve been granted magical powers over digits and dollar signs.

Important! Keep your account safe from fraud

As fraud attempts are on the rise recently — especially related to unemployment funds — help us keep your account safe by following these guidelines.

Use your Simple Account only for your own personal use. Don’t share your account with others or receive funds on behalf of third parties.

Don’t share your username or password with others. Never give out your login information. Simple will never ask you to tell us your password — if any third party makes such a request, it’s an attempt at fraud.

Don’t open an account at someone else’s request. If someone else asks you to open a Simple Account — such as a real estate company, prospective employer, or someone you met online — it is likely an attempt at fraud.

Be alert for unemployment insurance fraud. You may be violating the law and the terms of your Simple Account if you receive deposits of unemployment funds on behalf of someone else. There are state and federal penalties for unemployment insurance fraud (including potential fines and incarceration). If you suspect you are a victim of unemployment fraud, contact the appropriate state fraud hotline listed here.

Don’t receive funds on behalf of a third party. Keep in mind that receiving funds on behalf of a third party violates the terms and conditions of your Simple Account; in such instances, we may restrict and/or close your account and hold the funds while we await direction from enforcement agencies.

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