Protected Goals

Protected Goals


What is a Protected Goals Account?

A Protected Goals Account is designed for your savings and stashes away your money in a separate high-yield checking account so it's safe from accidental spending.

A Savings Goal is automatically created when you open a Protected Goals Account on your Shared or personal account, and that's where interest credits are deposited at the end of the month. If you'd like another Protected Goal, open an Emergency Fund to establish a buffer of funds that's there when you need it most!

Your Savings Goal and your Emergency Fund are both a part of your overall Protected Goals account.

How do I get started?

First, if you're not a Simple customer, open an account here. Then, you can open a Protected Goals Account on your Shared or personal account.

Setting up a Protected Goals Account and Savings Goal

If you do not yet have a Protected Goals Account, you can enroll into a Protected Goals Account from the Goals tab. From there:

  1. Tap 'Savings Goal'.
  2. Choose your funding method.
  3. Review a summary account and when you're ready hit "Create Savings Goal".
  4. Because this is a new account, we'll ask some basic questions about how the account is to be used. Once created, you'll find your Savings Goal created under the new Protected Goals Account.

You can set up an Emergency Fund in addition to your Savings Goal by navigating to the Goals tab, selecting 'Add', and tapping 'Emergency Fund' from the list of suggested Goals.

How do I fund my Protected Goals Account?

Savings Goal

You can choose to deposit directly into the main Simple Account via check, external account transfer, or direct deposit. If you're looking to transfer a larger sum, a wire transfer might be a good option to look into. Then, you can transfer the funds directly into your Savings Goal to take advantage of this higher interest rate.

If you already have funds in Simple today, you can choose to transfer those funds from Safe-to-Spend or another Goal into your Savings Goal.

Emergency Fund

When you create an Emergency Fund, we'll automatically transfer money, every day, from your Safe-to-Spend to the Emergency Fund. These automatic contributions will not cause you to overdraft; if your Safe-to-Spend isn't enough to cover the daily contributions, the Emergency Fund will be automatically paused until your Safe-to-Spend increases (when your Safe-to-Spend does increase, the daily contributions will automatically start again).

These daily transfers will, however, cause both your Safe-to-Spend and your available balance to decrease. If you have bills or other automated payments coming out of your Simple account, it's a good idea to keep a close eye on your available balance.

You always have the option of pausing your Emergency Fund, which will stop the daily contributions until you unpause it. You can also manually transfer funds in and out of your Emergency Fund at any time.

Transferring in and out of a Protected Goal

  1. Click on the Goal.
  2. Click Transfer.
  3. A screen will pop up prompting you to transfer money into the Protected Goal.
  4. If you're trying to move money out of the Protected Goal, click "Change" to change the direction of the transfer, then click "To" to transfer funds from your Protected Goal to Safe-to-Spend. Click the back arrow.
  5. Enter the amount to transfer in or out.
  6. Click Transfer. That's it!

How is the interest calculated?

Interest is calculated by applying a daily periodic rate to the daily collected balance in the account each day. In other words, it's how much interest you're earning daily. At the end of the month, the interest is credited to your account. Head here for current information on our account.

When is the interest credited?

Your daily interest calculations are added together and credited to your Savings Goal at the end of each month.

What does Annual Percentage Yield (APY) mean?

APY is the actual percentage a customer will earn in a year, taking into account compounding interest. The more frequently compounding occurs, the higher the APY. Everyone has to calculate APY the same way, so it allows customers to compare accounts to determine which one will pay more interest over time.

Is my Protected Goals Account balance a part of my Simple Account balance?

No, your Protected Goals Account and Simple Account are separate accounts. Therefore, the funds in each account are separate too. To illustrate, if you have $100 in your Simple Account available balance and $300 in your Emergency Fund (or Savings Goal), and you make a $125 debit card purchase, the transaction will be declined.

If you need to use the money in a Protected Goal, you can transfer out of your Savings Goal or your Emergency Fund back into your Simple Account Safe-to-Spend any time. There aren't any limits on transfers from your Protected Goals.

Where can I find more information about the Protected Goals Account?

Your Protected Goals Account is subject to the Truth in Savings Disclosure. Your Protected Goals Account will have its own statements, which will show transfers in and out of your Protected Goals along with any interest earned.

Savings Goal

You can choose to deposit directly into the main Simple Account via check, external account transfer, or direct deposit. If you're looking to transfer a larger sum, a wire transfer might be a good option to look into. Then, you can transfer the funds directly into your Savings Goal to take advantage of this higher interest rate.

If you already have funds in Simple today, you can choose to transfer those funds from Safe-to-Spend or another Goal into your Savings Goal.

Emergency Fund

When you create an Emergency Fund, we'll automatically transfer money, every day, from your Safe-to-Spend to the Emergency Fund. These automatic contributions will not cause you to overdraft; if your Safe-to-Spend isn't enough to cover the daily contributions, the Emergency Fund will be automatically paused until your Safe-to-Spend increases (when your Safe-to-Spend does increase, the daily contributions will automatically start again).

These daily transfers will, however, cause both your Safe-to-Spend and your available balance to decrease. If you have bills or other automated payments coming out of your Simple account, it's a good idea to keep a close eye on your available balance.

You always have the option of pausing your Emergency Fund, which will stop the daily contributions until you unpause it. You can also manually transfer funds in and out of your Emergency Fund at any time.

Transferring in and out of a Protected Goal

  1. Tap either your Savings Goal, or your Emergency Fund.
  2. Tap Transfer.
  3. A screen will pop up prompting you to transfer money into the Protected Goal.
  4. If you're trying to move money out of the Protected Goal, tap "Safe-to-Spend" to change the direction of the transfer, then tap "To" to transfer funds out of your Protected Goal.
  5. Enter the amount to transfer in or out.
  6. Tap Transfer in the upper right, or the arrow next to the amount. That's it!

How is the interest calculated?

Interest is calculated by applying a daily periodic rate to the daily collected balance in the account each day. In other words, it's how much interest you're earning daily. At the end of the month, the interest is credited to your account. Head here for current information on our account.

When is the interest credited?

Your daily interest calculations are added together and credited to your Savings Goal at the end of each month.

What does Annual Percentage Yield (APY) mean?

APY is the actual percentage a customer will earn in a year, taking into account compounding interest. The more frequently compounding occurs, the higher the APY. Everyone has to calculate APY the same way, so it allows customers to compare accounts to determine which one will pay more interest over time.

Is my Protected Goals Account balance a part of my Simple Account balance?

No, your Protected Goals Account and Simple Account are separate accounts. Therefore, the funds in each account are separate too. To illustrate, if you have $100 in your Simple Account available balance and $300 in your Emergency Fund (or Savings Goal), and you make a $125 debit card purchase, the transaction will be declined.

If you need to use the money in a Protected Goal, you can transfer out of your Savings Goal or your Emergency Fund back into your Simple Account Safe-to-Spend any time. There aren't any limits on transfers from your Protected Goals.

Where can I find more information about the Protected Goals Account?

Your Protected Goals Account is subject to the Truth in Savings Disclosure. Your Protected Goals Account will have its own statements, which will show transfers in and out of your Protected Goals along with any interest earned.

Savings Goal

You can choose to deposit directly into the main Simple Account via check, external account transfer, or direct deposit. If you're looking to transfer a larger sum, a wire transfer might be a good option to look into. Then, you can transfer the funds directly into your Savings Goal to take advantage of this higher interest rate.

If you already have funds in Simple today, you can choose to transfer those funds from Safe-to-Spend or another Goal into your Savings Goal.

Emergency Fund

When you create an Emergency Fund, we'll automatically transfer money, every day, from your Safe-to-Spend to the Emergency Fund. These automatic contributions will not cause you to overdraft; if your Safe-to-Spend isn't enough to cover the daily contributions, the Emergency Fund will be automatically paused until your Safe-to-Spend increases (when your Safe-to-Spend does increase, the daily contributions will automatically start again).

These daily transfers will, however, cause both your Safe-to-Spend and your available balance to decrease. If you have bills or other automated payments coming out of your Simple account, it's a good idea to keep a close eye on your available balance.

You always have the option of pausing your Emergency Fund, which will stop the daily contributions until you unpause it. You can also manually transfer funds in and out of your Emergency Fund at any time.

Transferring in and out of a Protected Goal

  1. Tap either your Savings Goal, or your Emergency Fund.
  2. Tap Make a transfer.
  3. A screen will pop up prompting you to transfer money into the Protected Goal.
  4. If you're trying to move money out of the Protected Goal, tap the arrow to change the direction of the transfer.
  5. Enter the amount to transfer in or out.
  6. Tap the check mark. That's it!

How is the interest calculated?

Interest is calculated by applying a daily periodic rate to the daily collected balance in the account each day. In other words, it's how much interest you're earning daily. At the end of the month, the interest is credited to your account. Head here for current information on our account.

When is the interest credited?

Your daily interest calculations are added together and credited to your Savings Goal at the end of each month.

What does Annual Percentage Yield (APY) mean?

APY is the actual percentage a customer will earn in a year, taking into account compounding interest. The more frequently compounding occurs, the higher the APY. Everyone has to calculate APY the same way, so it allows customers to compare accounts to determine which one will pay more interest over time.

Is my Protected Goals Account balance a part of my Simple Account balance?

No, your Protected Goals Account and Simple Account are separate accounts. Therefore, the funds in each account are separate too. To illustrate, if you have $100 in your Simple Account available balance and $300 in your Emergency Fund (or Savings Goal), and you make a $125 debit card purchase, the transaction will be declined.

If you need to use the money in a Protected Goal, you can transfer out of your Savings Goal or your Emergency Fund back into your Simple Account Safe-to-Spend any time. There aren't any limits on transfers from your Protected Goals.

Where can I find more information about the Protected Goals Account?

Your Protected Goals Account is subject to the Truth in Savings Disclosure. Your Protected Goals Account will have its own statements, which will show transfers in and out of your Protected Goals along with any interest earned.

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