Introducing Goal-Based Savings for Any Budget

Financial Learning | June 8, 2022 | 4 minutes read

When you were a kid you might have had a piggy bank or an old jar where you stashed your spare coins. Depending on what you were saving for, you might have even put money for one goal in a single container and money for a different goal in another, making it easy to know how much you had saved for each individual goal. Traditional banking makes it much harder to separate funds for different uses. That’s because when you log in, your money is just sitting there in one lump sum. How can you separate funds for an emergency, a vacation, a new car, the holidays, or other goals from one another? Without buckets or boundaries, it can be all too easy to “dip” into your vacation fund for an emergency medical expense. The struggle is real, until now.

Introducing Payactiv’s new and improved Goal-Based Savings tool. When you apply for a Payactiv Visa^® Card*, you can set savings goals for anything you want, in individual “buckets”. SmartSave takes it one step further by making intelligent insights into how much is safe to save from each paycheck. If your goal is too ambitious, SmartSave will let you know so you can adjust accordingly.

When your goal looks good, confirm it to start automatically saving every day. No calculators, no spreadsheets. Just hassle-free goal saving. Set as many goals as you like and manage them all in one place in the Payactiv App¹. Pause a goal and access what you already saved anytime with your Payactiv Visa Card. Watch your savings grow each day and before you know it, you’ll have enough for a rainy day or a sunny day at the beach.

How to Set Up Goal-Based Savings:

You need an active Payactiv Visa Card to use Goal-Based Savings. There is no cost to apply for the card and it only takes a few minutes. After that, it’s just a few more steps to get your goal set up.

Apply for the Payactiv Visa Card.
Activate the Payactiv Visa Card when it comes in the mail.
(Optional) Sign up for Direct Deposit to automatically set aside money toward your goals.
Choose a goal and a date you want to reach your goal by.
Set up your goal and watch your savings grow automatically.

3 Ways to Fund Your Goal

The easiest way to fund your goal is by setting up Direct Deposit to the Payactiv Card. That means that every time you get paid on the Payactiv Card, you’ll be able to automatically set money aside without thinking about it! The second way to fund your goal is to manually add funds from another debit or prepaid card. The third option is only available to employees with Payactiv Earned Wage Access (EWA)^[2]. With EWA, you can automatically set aside funds from your earned wages to go towards your goals.

Payactiv. A Digital Wallet and App Built for Busy People**.

With only 24 hours in the day, saving and budgeting can seem like an overwhelming task for anyone. That’s why we built a financial wellness tool and an all-in-one wallet for all your financial needs. The free Payactiv app helps you save up to 85% on Rx prescriptions and other discounts. Learn about your spending with SmartSpend when you link an existing bank account. It’s free and safe to sign up.

So what are you waiting for? Apply for the Payactiv Visa Card to start using SmartSave and Payactiv’s Goal-Based Savings feature.

* The Payactiv Visa Prepaid Card is issued by Central Bank of Kansas City, Member FDIC, pursuant to a license from Visa U.S.A. Inc. Certain fees, terms, and conditions are associated with the approval, maintenance, and use of the Card. You should consult your Cardholder Agreement and the Fee Schedule at payactiv.com/card411. If you have questions regarding the Card or such fees, terms, and conditions, you can contact us toll-free at 877-747-5862, 24 hours a day, 7 days a week. (CS4562CBKC)

**Central Bank of Kansas City is the issuer of the Payactiv Visa Prepaid Card only and does not administer, endorse, nor is liable for the Payctiv App.

[1] Standard rates for data and messaging may apply from your wireless provider

[2] Earned Wage Access requires employer participation.

IMPORTANT INFORMATION ABOUT PROCEDURES FOR OPENING A NEW CARD ACCOUNT: To help the government fight the

funding of terrorism and money laundering activities, federal law requires all financial institutions to obtain, verify, and record information that identifies each person who opens a Card Account. What this means for you: When you open a Card Account, we will ask for your name, address, date of birth, and other information that will allow us to identify you. We may also ask to see a copy of your driver’s license or other identifying documents.

All content provided on Payactiv.com/blog/ is for informational purposes only. Payactiv makes no representations as to the accuracy or completeness of any information on this site or found by following any link from this site. Payactiv will not be liable for any errors or omissions in this information nor for the availability of this information. Payactiv will not be liable for any losses, injuries, or damages from the display or use of this information.1 Many (but not all) employers, government benefits providers, and other originators send direct deposits early with an effective date of 1-2 days later. Beginning with your second direct deposit of at least $5 from the same source, Central Bank of Kansas City (CBKC) will post the funds to your Payactiv Visa Card when we receive it, rather than on the effective date. This may result in your having access to the funds sooner. The date CBKC receives your direct deposit and the effective date are controlled by the originator.