What is a Protected Goals Account?
A Protected Goals Account is designed for your savings and stashes away your money in a separate account so it's safe from accidental spending.
A Savings Goal is automatically created when you open a Protected Goals Account and that's where interest credits are deposited at the end of the month. You can use this Savings Goal to build up a nest-egg of savings or just to stash money away.
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. These are the only Protected Goals we offer right now but we’re hoping to add more options in the future!
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.
If you don't have a Protected Goals Account, you can sign in and open the account here - it should just take a few minutes.
Also keep in mind that the Protected Goals Account is not available on Shared Accounts - only personal Simple Accounts.
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:
- Tap 'Savings Goal'.
- Choose your funding method.
- Review a summary account and when you're ready hit "Create Savings Goal".
- 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.
Setting up an Emergency Fund
You can set an Emergency Fund from the Goals tab. From there:
- Select ‘Add’ and tap ‘Emergency Fund’ from the list of suggested goals
- Choose how much you want to save (depending on if we need to do some calculations, we may also ask for your annual income.)
- Choose when you'd like to have the money saved by.
- Review a summary of your choices and when you're ready hit "Create Emergency Fund".
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 information on our current offer!
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 from interest in a year, taking into account the compounding frequency. Compounding occurs when you are paid interest and can start earning interest on that money. The more frequent 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.
How do I fund my Protected Goals Account?
When you open a Simple Account, you'll be prompted to start your Protected Goals Account. From this point, you'll be prompted to transfer funds from another financial institution. Once your transfer is set up, it'll be deposited directly into the Savings Goal.
You can also choose to deposit directly into the main Simple Account via check, 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.
Additionally, 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.
When you create an Emergency Fund, we'll automatically move 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 contributions will, however, cause both your Safe-to-Spend and your available balance to decrease. If you have important 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. Learn all about pausing goals and moving money in and out in the Saving With Goals article.
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, so you can transfer to your heart's content!
Transferring in and out of a Protected Goal
- Click on the Goal.
- Click Transfer.
- A screen will pop up prompting you to transfer money into the Protected Goal.
- 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.
- Enter the amount to transfer in or out.
- Click Transfer. That's it!
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.
How can I earn a higher interest rate on my Protected Goals Account?
Head here for information on our current offer!