Setting up your automated savings plan

You can set up your automated savings plan in just a couple minutes on our website or app. To use automated savings with the app, make sure you've downloaded the latest version for iOS or Android.

1. Log into the app or website.
2. Navigate to your transfer hub from the header or bottom navigation bar.
3. Select the prompt to set up your automated savings plan.
4. Set targets for your account(s). We'll save into each account until the target is reached, then start saving in the next account you have selected.
5. Choose the account you’ll use to fund your plan. This can either be a Wealthfront Cash Account, or a linked external checking account. Then choose how much money you want to keep in that account. When its balance exceeds the set threshold by at least $100, we’ll schedule a transfer to your other accounts. (Note that you'll initially need to select a Wealthfront Cash Account as the funding source, but once the plan is established, you can switch to a linked external checking account if you'd like.)
6. Turn on your automated savings plan.

When money comes in, we’ll move it across your accounts according to your plan. If you set up a direct deposit, we'll do this every time you get paid. You’ll have 24 hours to review and cancel a scheduled transfer before it initiates. You can make changes to your plan at any time. Learn more 

Setting targets for your accounts and categories

After setting a target balance for the monitored account, you can set two types of targets your plan: 

• Monthly target: Save up to a certain amount each calendar month (ex: Save up to $500/month)
• Target balance: Save up to a total amount in an account or category (ex: Save up to $20,000)

One-time and recurring transfers will count towards any monthly targets that you set. Keep in mind that reaching your targets is not guaranteed, since it will depend on how much excess cash you have available in the account you use to fund your plan.

To edit your targets, go to your plan, and select the account or category that you want to update. You can edit your targets at any time.

 

How transfers work

When we detect that you’re at least $100 over your maximum balance, we'll schedule a transfer of your excess cash from your source account to the account and categories in your plan.

You’ll get an email letting you know that the transfer will be initiated after one business day.

Cancel your transfer. You have at least 24 hours to cancel the transfer. Learn more

Initiate your transfer early. You can choose to transfer your excess cash right away. Go to your automated savings dashboard and select Transfer excess cash now.

We'll check the balance of your source account one more time right before initiating your transfer.

• If your balance has increased or is the same, we'll transfer the same amount.
• If your balance has decreased, we'll only transfer the remaining excess cash (if you have at least $100 in excess cash).
• If we can’t connect with your source account, then we'll pause your transfer. 

Please note: If you’re using automated savings with an external account, we check your balance again right before initiating a transfer. If money leaves your external account at about the same time we initiate a transfer, it could affect your balance, so we recommend reviewing your account activity beforehand.

Once initiated, transfers usually complete in 1–2 business days. We'll resume monitoring your account at least 24 hours after your transfer is complete.

How to edit or cancel transfers with automated savings.

How does automated savings help me avoid overdrafts?

See how automated savings avoids overdrafts.