Ability to contribute to Savings Goals from investment accounts [edited] (4 Merged Votes)

under_crtl Member ✭✭
edited June 10 in Feature Requests

I have part of my savings in the stock market. I think I should be able to account for those assets when I analyze my savings goals. It seems like now I cannot contribute to a goal from my brokerage account

51 votes

In Review · Last Updated

Our team is currently reviewing options for this ability!


  • Coach Tappan
    Coach Tappan Retired Coach ✭✭✭✭

    @under_crtl That's a great suggestion! Right now, our Investments module is being upgraded to provide a lot of new services and features, and we appreciate any comments on ways to make it better. The Savings Goals function doesn't actually move any money from one account to another, just asks as a reminder of a pledge you've made to set aside funds, but you should be able to designate your brokerage accounts when you set up a savings goal.

  • under_crtl
    under_crtl Member ✭✭
    edited August 2020

    Any update on this? I have a significant part of my savings in a brokerage account, so the savings goal feature is not very helpful/meaningful. I guess other users might benefit from this too.

  • Coach Nicole
    Coach Nicole Administrator, Moderator admin

    Hi @under_crtl,

    Thanks for reaching out! Sadly, this feature request is still under consideration, so we don't have an ETA. Once we have more info, we'll post on this thread.

    Coach Nicole

  • under_crtl
    under_crtl Member ✭✭
    edited September 2020

    Thanks Nicole for the update. This should be very straightforward to implement though, it probably involves a minor change in the back-end, just adding brokerage account to the account types you can contribute to a savings goal. I don’t understand what was the logic to exclude brokerage accounts in the first place, they are a common account type where people put their savings. This was probably overlooked. Moreover, rather than a feature request I would argue this is something that is not working as designed. Did you exclude brokerage accounts intentionally when this was designed?

  • jsy42
    jsy42 Member ✭✭

    It would at least be nice to create Savings Goals with Investment type accounts. However, Savings goals currently only accept 'Savings' accounts.

  • It'd be great to be able to have investment accounts considered for Savings goals, as many folks have "goal money" there. Also, you should also consider having the ability to add more than one account to a goal (similar to Mint).

  • Coach Natalie
    Coach Natalie Administrator, Moderator admin
    edited September 2020

    Hello @jsy42 & @Thats_MrHope,

    Thanks for posting! I have gone ahead and merged both of your posts with an existing Idea thread for this same feature request.

    Please be sure to add your votes, everyone! :smile:

    -Coach Natalie

  • whorneff310
    whorneff310 Unconfirmed, Member

    I'd like to see this used. It really doesn't make sense to not count savings in Retirement accounts if you are making a retirement savings goal.

  • Currently, I can only link my savings goals to banking accounts, but I want the ability to link the goal to any account that I have. Even multiple accounts so that their total is compared to the savings goal
  • I too desire to have my brokerage account be considered for my savings goals. Having cash lying around for it is expensive! for a savings goal of 25k (a year of expenses for me) will cost me $750 in inflationary costs. My plan is to have it invested in a market index, so I can earn money on my emergency fund, and also avoid inflationary costs.

    For more practical stuff, you could track just the transactions used to fund the account, instead of the account itself if the variability is the problem. That would be fine with me.
  • I would also like to express interest in this feature. It seems like it should be a consideration when incorporating investment accounts that some of those investment accounts could be considered liquid enough to contribute to savings goals as having a brokerage account with money put aside for mid-term savings goals like vacations is not uncommon.

    So far it's been a bit challenging working with the investment features in Simplfi and as a user who is not yet fully committed to the platform and trying some different personal finance tools, I feel like the fact that managing investments is a bit awkward is something that makes me less enthusiastic about Simplifi.
  • Jared
    Jared Member
    Just chiming in to say that I would like to have this feature so I can track my 529 plan as a part of my goal to save for college.
  • My primary reason for using Simplifi was the ability to track savings goals, so I was disappointed to learn that brokerage accounts could not be tied to them.
  • Any update on this? Really need this feature to be added for those who budget for dollar-cost averaging into investment accounts.
  • Coach Natalie
    Coach Natalie Administrator, Moderator admin
    No update at this time @cerebralvision, however, please be sure to follow along here for future updates. :smile:

    -Coach Natalie
  • Hello, I am also interested in this feature. For instance, I want to save for a house, but I can’t tie it to my brokerage account where I am saving up for a down payment. 

    I like most of Simplifi’s features over Mint, but this is a critical piece missing. Can you let us know if this is a dev priority; and if so, where it is in the backlog? Thanks!
  • Coach Natalie
    Coach Natalie Administrator, Moderator admin
    Hello @alertoroink,

    Thanks for posting!

    Unfortunately, there's no update to provide on this request as of yet. With that being said, however, I'd definitely suggest continuing to follow along here for future updates. :smile:

    -Coach Natalie
  • jsy42
    jsy42 Member ✭✭
    edited May 31
    Many of us plan for and track transfers from savings and checking accounts to investment accounts. However, there's currently no savings goal for investments, and investment accounts don't work with savings goals. Please add a savings goal option that's compatible with investment accounts
  • Simplifi should add functionality for the Savings Goals tracker to include brokerage accounts. While savings accounts may be thought of as the most "conservative" or "safe" option for savings goals, oftentimes using such accounts effectively means losing money, especially during inflationary periods. Furthermore, after placing a certain amount of one's money in cash, it's critical to add in higher-interest-earning investments, such as other fixed-income and equity products. Without adding this functionality, Simplifi retains an archaic perspective on savings that limits their customers' ability to save effectively and get the greatest use out of their product. Without adding this functionality, I am unlikely to become a paying customer for Simplifi. 

    p.s., it should also be possible to tie multiple accounts to a single savings goal, e.g., using a traditional savings account and a conservatively-invested brokerage account for a single savings goal, such as saving for a down-payment.
  • Simplifi should add functionality to their savings goals option to include the use of brokerage accounts. Although many may think of "savings accounts" as the most conservative and proper way to save for some goal, this can actually be the least sensible option, especially in high-interest-rate environments, in which case one is actually losing money fast. Simplifi should permit the use of brokerage accounts for savings goals to promote smarter saving, leveraging Modern Portfolio Theory, which advocates the use of some "zero-risk" investments (i.e., cash/savings accounts, which actually carry constant risk of loss due to inflation), as well as moderate and high-risk investments. Without including this functionality, Simplifi is perpetuating an archaic approach to saving and essentially hobbles their customers' ability to save effectively. Without adding this feature, I am unlikely to become a paying Simplifi  customer.
  • Coach Natalie
    Coach Natalie Administrator, Moderator admin
    edited June 13
    Thanks for posting, @username1!

    I apologize for any confusion, as we've been having some ongoing issues with the Community this past week -- I did go ahead and merge your Idea posts and vote count here with this existing request for the same ability. :smiley:

    -Coach Natalie
  • Good grief, how many customer suggestions and complaints will it take to get this change implemented?! Allowing multiple accounts and account types for savings goals is just common-sense financial and wealth management practice. Please make this change so your customers can more effectively use your product, or else you’re going to lose customers.