Our Smart Savings feature is now known as Financial Goals! It is a safe and easy way to set aside money to help you achieve your savings goals and priorities, no matter how big or small they might be!\
When you start a Financial Goal in the Rocket Money app, funds will be automatically transferred from your linked checking account into a non-interest bearing custodial account that we’ve established for your benefit at a partner bank, or another FDIC-insured financial institution, all on your behalf!
Savings Methods
There are two different methods that you’ll get to choose from that will help you achieve your savings goals. They are called Smart Savings and Custom Settings
Smart Savings
This type of plan transfers different amounts of every few days based on your checking account’s balance. Choosing this method allows you to also select how ambitious you’d like to be with your savings. You can choose from the following options:
Comfy
Moderate
Aggressive
Custom Settings
If you’d prefer to have a little bit more control over how much and how often funds are transferred into your financial goal, you can select this method! Within the Rocket Money app, you’ll be able to select how much you’d like to save on a weekly, bi-weekly, or monthly basis.
Pausing Automatic Deposits
Pausing your auto deposits gives you the flexibility to best mirror your financial needs. If there’s a period of time where you don’t want to transfer money to your savings plan within Rocket Money, you can pause the transfers from occurring for a period of time. It’s also important to note that once your financial goal is reached, your plan will automatically be paused for you!
Managing your Settings
In order to manage your settings (savings method, aggressive level, target completion date, balance protection, and more) for your financial goal, you can follow these instructions within your mobile app:
Expand the Savings section on the Dashboard
Tap on the name of the goal that you’d like to withdraw funds from
Tap Edit in the upper right corner
Tap Edit Goal from the menu that pops ups
What is a Custodial Account?
A custodial account is how Rocket Money manages the funds that have been deposited into your financial goals! It is also known as a For Benefit Of (FBO) account. It’s through this sort of account that Rocket Money can manage your funds without taking legal ownership of them.
We’re so excited to be apart of your savings journey!