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Protected savings is here, yielding 4.55% APY*
Protected savings is here, yielding 4.55% APY*

Let's dive into how Protected savings can keep your funds safe, while earning you 4.55% APY*.

Updated over a week ago

What does this feature help me with?

If you want funds to be protected from card swipes and ACH transactions, you can move them into Protected savings. Similar to a savings account, this is a good place to store funds that aren't needed for immediate expenses. Any funds in Protected savings will earn interest and can be instantly transferred back into Available at any time.

Back story

Protected savings has always felt like a no-brainer for our team. We have this great Move Money screen, and built-in paycheck funding, why not apply that to a savings product? Nearly every financial guru in the book talks about the benefit of "paying yourself first." It is a common accord in personal finance to "set aside money from each paycheck into a savings account." With the launch of Protected savings, we now allow you to completely automate this. You can automate a certain amount from each paycheck or each month to be stored in Protected savings. This is wealth building on cruise control!


FAQ

How do I move funds in/out of Protected savings?

Use the Quick move button and select "Protected savings" as the destination

Does auto funding work with Protected savings?

Yes.

Is there a limit on how much is eligible for interest?

No, read our disclosures for full information.

Can I transfer funds in/out on banking holidays?

Yes, funds can be instantly transferred to your checking account (Available) at any time.

Can I ACH funds straight into Savings?

No, account/routing numbers are not available for Protected savings. All funds need to go through your checking account.

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*The interest rate on your account will be 4.46% with an Annual Percentage Yield (APY) of 4.55%, and these rates are effective as of 2/15/2024. This is a variable rate and is subject to change after the account is opened based on the Federal Funds Rate. Fees could affect earnings on the account

Envelope Money is a financial technology company and is not a bank. Banking services provided by Pacific West Bank, Member FDIC. Your funds are FDIC insured up to $250,000 through Pacific West Bank, Member FDIC. The Envelope Money Visa® Debit Card is issued by Pacific West Bank pursuant to a license from Visa U.S.A. Inc. and may be used anywhere Visa cards are accepted

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