Albert Savings is an automatic savings program that saves money from your linked checking account and transfers it to Albert Savings, which lives directly in Albert's app.
Albert takes into account each user's financial situation each day, learning about your pay cycles, rent, bills, bank balances and spending patterns to determine how much to safely save. Usually up to 2-3 times per week, Albert will transfer money from your checking account to Albert Savings. The amounts usually range from $5-$30 per transfer.
If you're looking for more control, you can set Albert Savings to save a weekly amount instead.
If you choose to use Smart Savings:
- Each day, Albert will analyze your spending and income and find small amounts of money that Albert thinks you can safely save.
- Albert will transfer that amount (usually $5-$30) from your linked checking account into your Albert Savings account.
- You can expect 2-3 transfers per week.
- We try hard to never withdraw from your bank account if your balance is too low.
If you choose a weekly amount:
- Each week, Albert will transfer your weekly amount from your linked checking account to Albert Savings.
- The funds in your Albert Savings Account are held at FDIC-insured banks for your benefit, and are FDIC-insured up to $250,000.
- Deposits into and withdrawals from Albert Savings generally take 2-3 business days to complete.
- The money in your Albert Savings is yours, available for withdrawal anytime, and there is no fee to transfer funds.