Saving money is not always easy, especially without a goal and a good plan. With Smart Savings, you can set and reach attainable short-term or long-term goals, or just create a financial safety net for yourself, for those unexpected expenses. Smart Savings is a feature on the Rocket Money app. It has become a popular way for people to start and grow their savings by giving them tools to help them simplify their finances and budget their money more efficiently.
Link your accounts to Rocket Money
Rocket Money is a financial resource that allows you to effortlessly link all your financial accounts together and access them in one place. Once you download Rocket Money on your phone, you can choose from the app’s basic plan or pay a subscription fee to gain access to more financial tools to help you track your spending, budget your money, pay your monthly subscriptions, or cancel those you no longer use, and save money through their Smart Saving feature.
What is Smart Savings?
Smart Savings is easy to set up and easy to use. You can link one or more of your accounts from your personal financial institutes to Smart Savings and let Smart Savings start building you a savings account. Smart Savings offers you three savings plans to choose from: Emergency Fund, Safety Net, and Custom. Depending on your needs and your saving goals, each of the plans is designed to help you reach your goal. Be aware that not all checking accounts are currently linked to Smart Savings. Your account can be checked for compatibility by customer support. If it isn’t, let the support team know the name of your bank. They are always adding new banks for more partnerships.
Which of the three Smart Savings accounts is best for you?
Emergency Fund
We all know what it’s like to have that unexpected emergency pop up and not be financially prepared for it; the car breaks down, a home repair emergency, or maybe a medical bill you didn’t expect. The emergency fund savings account helps you create a slush fund for whatever you need. Smart Savings can help you quickly build your emergency savings account up to $1000, giving you peace of mind for those rainy days.
Safety Net
Financial advisors have always suggested you have at least three months’ worth of pay saved up for a safety net. Once your emergency fund is complete, work on building your safety net to put you in a more financially secure position.
Custom
Whether you have an upcoming vacation, wedding, planning to buy a car or something else, this custom choice lets you choose the desired financial goal you want to reach, and when you want to reach it by.
You’re in control of your funds
When you set up your Smart Savings account, you choose how your money will flow from your linked account(s) into your Smart Savings account. You can choose to have funds automatically transfer, or you can manually transfer funds.
Automatic transfers – When you choose automatic, or, the Smart Savings plan, the AI system automatically transfers money from your checking to the savings account every couple of days. The system is designed with an overdraft protection plan that will never overdraw your checking account by not allowing the system to transfer more money than you can afford to.
Custom – Choosing the custom plan puts you in complete control of when and how much gets transferred to your savings account, just open your app and follow the simple steps to make the transfer.
Transfer limits
Whether your savings is set to auto or custom, there are limits to how much you can transfer to your savings account on any given day. Smart Savings limits transfers to $250 for each individual transfer, and a total of $1500 per day.
Withdraw your funds as needed
Withdrawing money out of your Smart Savings account is as easy as transferring it in. In settings, choose to withdraw, the amount and which account the withdrawn amount will be transferred to. The money will be transferred to your checking, or other designated account, in 1-2 business days. Smart Savings has a $5000 a day limit for withdrawals. If you’ve made one $5000 withdrawal on one day, you’ll be required to wait till the next day to make another, no matter how much or how little.
Is Smart Savings safe?
Smart Savings is not only an easy way to keep track of your spending and savings, but it’s a safe way. Once you open your Smart Savings account, all funds are held in an insured FDIC United States bank account. Another safety feature only allows withdrawals to be sent to the same checking, or other account, the money originated from.
Closing your account is easy
If you need to close your Smart Savings account, you’ll find it just as easy as setting it up. No hassles and no worries. First, make sure you have a $0 balance in your account. If your account is in the process of transferring money, you’ll need to wait until the transaction is complete. If there’s already a $0 balance, tap on “edit savings account,” then tap on “close this account,” then confirm the closing.
Saving money is easier when you can set individualized and attainable goals. When you set up your Smart Savings account, you’ll find it easy to maneuver through your account and make the transfers you want, quick and easy. Any adjustments you need to make to your savings plans are easy, too. Smart Savings is a better type of savings plan that allows you to control how your savings grows. You’ll find that getting ahead, financially, doesn’t have to be hard or confusing. In fact, you’ll wish you’d had Smart Savings all along.
