Save your Refund

Save your Refund


Expecting a tax-refund soon?

Great! We can help you save by stashing away a % of your tax refund for a rainy day. All you need is a Simple Checking account, and a Protected Goals Account.

How to make it happen:

When you file your taxes, request direct deposit of your refund into your Simple Checking Account. You’ll need your account and routing number.

Then, turn on our new Tax Refund Savings Rule! When your tax refund comes through, we’ll take the % of your refund that you requested and tuck it away in your high-yield Protected Goals Account. If you do not already have a Protected Goals Account we will prompt you to open one first.

Here's what to do:

  1. Sign in to your Simple account on the web.
  2. Mouse over your name in the upper right corner and click Rules.
  3. Click on Tax Refund.
  4. Toggle Tax Refund on. You can specify the % of your refund that you’d like to transfer. (We will default to 50% but you can adjust this to your desired percentage.)

That’s it! We’ll be on the lookout for your refund!

Here's what to do:

  1. Sign in to the app.
  2. Swipe right to open the navigation menu.
  3. Tap on Rules.
  4. Tap on Tax Refund.
  5. Toggle the Tax Refund Rule on. You can specify the % of your refund that you’d like to transfer. (We will default to 50% but you can adjust this to your desired percentage.)

That’s it! We’ll be on the lookout for your refund!

Here's what to do:

  1. Sign in to the app.
  2. Swipe right to open the navigation menu.
  3. Tap on Rules.
  4. Tap on Tax Refund.
  5. Toggle the Tax Refund Rule on. You can specify the % of your refund that you’d like to transfer. (We will default to 50% but you can adjust this to your desired percentage.)

That’s it! We’ll be on the lookout for your refund!

Some things to keep in mind:

  • The transfer will occur the same day your refund is deposited and will be listed as “Tax Refund Transfer”.
  • If a tax prep service deposits your refund instead of the IRS, or you deposit a paper check, we might not be able to recognize it as a tax refund.
  • You can transfer the funds back to your checking account if needed. There is no limit on the amount of funds or times you can transfer funds between your Simple Account and Protected Goals Account.

FAQs:

Can I use this on my Shared account?

You sure can!

What if I don’t have enough in my Safe-to-Spend when the refund hits my account?

If the percentage of your refund you asked us to move to your Protected Goals Account is more than your Safe-to-Spend we will transfer that % of your Safe-to-Spend. If your Safe-to-Spend is $0, we won't transfer anything. We wouldn’t want to stand in the way of your Goals or Expenses!

Example:

  • You asked us to save 50% of your $1000 tax refund.
  • Your Safe-to-Spend is $400 after your tax refund is directly deposited into your account.
  • We will transfer $200 from your Safe-to-Spend to your Protected Goals Account.

If I set this up this year, will you remember my setting next year?

Yep! You can always go in and change the percentage or turn the Savings Rule off, but if you set it up this year we’ll remember it for ya next year.

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