Pool Savings Accounts for Savings Goals Contributions (edited)

abresh
abresh Unconfirmed, Member
edited November 2021 in Feature Requests

Currently Savings goals are assigned to individual Savings accounts, and if you use multiple savings account, and move money between them for higher interest rates, it can be difficult to keep things in balance.

Could it be set up to do one of these?
1. Assign savings goals to the "Savings" account category.
2. Select which accounts apply to a "Savings" pool (savings accounts, investment, checking, etc).
3. If doing the above, maybe even assign how much of it is applied to the savings pool. For example, we have a buffer of one month of expenses that we keep in Checking, that is technically part of our emergency fund. would be nice to say that amount applies to the savings pool and then can have a single emergency fund.

34 votes

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Comments

  • Coach Natalie
    Coach Natalie Administrator, Moderator admin

    Hello @abresh,

    Thanks for posting! Please be sure to add your vote! :wink:

    -Coach Natalie

  • MadMath
    MadMath Member
    I second this, especially as someone who uses Betterment's smart transfer feature. Money goes back and forth between my checking and savings account automatically...it would be nice to be able to treat them as a single account as far as savings goals are concerned.
  • Coach Natalie
    Coach Natalie Administrator, Moderator admin

    Hello All, 

    The Community Support Team reviews long-standing Idea posts for relevancy and current interest. This Idea seems to have fallen stagnant and we would like to gauge the current level of interest in this request. 

    If you would like to see this Idea implemented, please add your vote and a comment explaining how this request would be beneficial for you. More details on voting for Idea posts can be found in our FAQ here

    Thank you,

    Simplifi Community Support Team

  • Thi will be a great feature to add. Typically long-term goals like retirement are saved across multiple investment accounts. It will be nice to have the ability to pool the savings account instead of strictly limiting to selection of only one account to set up a savings goal.

  • UrsulaA
    UrsulaA Superuser ✭✭✭✭

    I agree with this idea. Have multiple accounts contribute to savings goals.

    Simplifi User Since Nov 2023

    Minter 2014-2023

    Questionable Excel before 2014 to present

  • DeloskyGA
    DeloskyGA Member

    Agreed (and upvoted) for the multiple Savings accounts linked to a single Savings Goal. Like I posted in the Investments > Retirement Goal Setting thread, many of us have multiple accounts for multiple purposes (various savings vehicles, leverage different tax breaks or brokerage fees, etc) and limiting an overarching Savings goal to just a single account doesn't work.

    Mint was able to do this and I know that Monarch can already do this (as well as the multiple Investment/Brokerage accounts linked to a Retirement Goal). Please add this to the feature enhancements!

  • castrand
    castrand Member

    Agreed! Appreciate @Coach Natalie for fielding the question. I would love to have multiple accounts listed in my savings goals. I am saving for multiple goals but whichever savings vehicle (CDs, monthly savings from take-home) matures first will define where the bulk will go. So, having an "overall" view of savings in total would be really helpful.

  • RobWilk
    RobWilk Superuser ✭✭✭✭✭

    You can contribute from multiple accounts to your individual savings goals as-is.


    Rob Wilkens

  • ajbopp
    ajbopp Superuser ✭✭✭✭

    @RobWilk I believe the request is to be able to easily swap accounts to savings goals, which is slightly different. If you have you savings goal contributed from one account, then close that account and move the money to a different account, it's kind of a tedious process.

    It's not something I'm likely to do myself. Seems like trying to get to a destination faster by switching lanes every time it seems like the next lane is going faster. It really isn't a significant advantage. But I wouldn't object to others having the option if they prefer

    Anthony Bopp
    Simplifi User Since July 2022
    Money talks. But all my paycheck ever says is goodbye

  • RobWilk
    RobWilk Superuser ✭✭✭✭✭

    Thanks —- At first, I thought the issue was certain types of accounts couldn't contribute, then I thought there was talk about the lack of automatic contributions - I agree that switching the accounts you're contributing from can be tedious, though. I'm learning to stop opening and closing bank accounts - last time i did that (2021) my direct deposit got messed up so there was a delay on receiving income.


    Rob Wilkens

  • aolafsson
    aolafsson Member ✭✭✭

    I second this. I have goals that are a combinations of two accounts (one a checking + savings, others savings + CD). Savings Goals, if they could auto-read more than one account are a great way to see, and set the intention, of how much money I've saved for a specific purpose. If a savings goal is limited to just one account, then I can just see the balance easily, no math required, in the Account List.

  • J_M_F
    J_M_F Member

    I recommend this as well. Huge gap right now. Obviously, savings toward a goal may be in multiple accounts. Need the ability to select multiple accounts within a single goal. And need it ASAP! :)

  • Allen
    Allen Member

    Need the ability to select multiple accounts within a single goal. And need it ASAP! :)

  • RossK
    RossK Member

    I would like to see this implemented. I’m new to Simplifi. I’d be happy with just being able to have a savings goal for pooled accounts. I’ve got a large goal and have some money in CDs that I would like to pool in with 2 savings accounts where I try to save monthly. I could create separate goals for each account, but the 2 savings account fluctuates too much. And if I transfer into another cd, then it doesn’t look good on my original goal. So it would also be nice to edit the goal and add an account to it.