Our Smart Savings feature is now known as Financial Goals! Financial Goal plans are 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 a 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!
We’re so excited to be apart of your savings journey!
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.
Savings Methods
There are two different methods that you’ll get to choose from that will help you achieve your savings goals, Smart Savings or Custom Savings:
Smart Savings
This type of plan transfers different amounts of money every few days based on your checking account balance. Choosing this method allows you to select how ambitious you’d like to be with your savings. You can choose from the following options:
Comfy
Moderate
Aggressive
Custom Savings
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 monthly basis. Rocket Money will then make small, frequent transfers that add up to roughly the amount that you've selected monthly.
Pausing Automatic Deposits
Pausing your auto-deposits gives you the flexibility to best mirror your financial needs. If there is a period of time where you don’t want to transfer money to your Financial Goal 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 Financial Goal Plan Settings
You can customize your Financial Goal settings in the mobile app, including savings method, aggressiveness level, target completion date, and balance protection.
To manage your settings for your Financial Goal plan from the mobile app:
First, expand the Savings section on the Dashboard
Next, tap on the name of the goal that you’d like to withdraw funds from
From there, tap Edit in the upper right corner
Finally, tap Edit Goal from the menu that pops ups
Please note: Managing your Financial Goal plans settings is available exclusively on our mobile app - this feature is not available to complete the above instructions on our website, Rocketmoney.com.