Save your Refund

Save your Refund


Expecting a tax-refund soon?

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

Heads up!

This Savings Rule also applies to federal stimulus payments. In light of this, we've toggled this rule off for all customers who previously enabled it. (We wouldn't want to catch you by surprise.) If you enabled this rule prior to 4/7/2020 you will need to enable this rule again.

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 IRS Payments Savings Rule! When your funds come through, we’ll take the % 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 IRS Payments Rule.
  4. Toggle the Rule on. You can specify the % of your deposit that you’d like to transfer. (We will default to 50% but you can adjust this to your desired percentage.)

That’s it!

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 IRS Payment Rule.
  5. Toggle the Rule on. You can specify the % of your deposit 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 IRS Payment Rule.
  5. Toggle the Rule on. You can specify the % of your deposit 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 or stimulus payment 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.
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