31 Jul What is SmartDeposit?
What is SmartDeposit?
Smart deposit is an automated cash investment tool that helps you optimize the amount you invest with the amount of cash you hold in your checking account with which you use to pay bills. This enables you to maximize your investments as well as ensures that you don’t “over-save”, by holding too much excess cash. It also makes it easier for you to invest cash that is being held in your checking account, which is not invested. If you have uneven cash flow, meaning that your income coming in and your expenses being due are not on the same schedule, you no longer have to stress over how much to invest on a week-to-week basis.
How it Works:
- You set a ceiling balance in your checking account (Example: $2,000)
- Once a week, SmartDeposit checks your bank balance and automatically invests any excess cash above your ceiling amount
- In addition to setting the ceiling amount in your checking account, you must also set up the maximum amount you want SmartDeposit to invest in a single transaction (at least $10). For example, you can set the deposit maximum at $250 & SmartDeposit will not invest more than that in a single weekly transaction
- You will receive notifications 24 hours before any transfers, so you can modify or cancel the transaction. You can always skip a SmartDeposit, change your settings, or take money back out.
- SmartDeposit will double-check your balance just before it actually makes the withdrawal to confirm you still have the excess cash.
- If your bank balance changes and causes your balance to fall below the minimum you’ve set, SmartDeposit will not withdraw from your bank account
- If your projected balance (SmartDeposit plus any scheduled deposits) exceeds the available bank balance, SmartDeposit will not withdraw from your bank account
- SmartDeposit works alongside auto-deposit. SmartDeposit takes into account all upcoming MyRoboAdviser auto deposits scheduled for the next 30 days and subtracts from excess cash to ensure savings are not confused with excess cash.
- Unfortunately, IRAs are not eligible for SmartDeposit
- You can only set up SmartDeposit with a single goal
- MyRoboAdviser has partnered with Betterment For Advisers as our technology and custody partner to help us provide service to your account. When setting up SmartDeposit, you will provide Betterment permission to view your bank balance. This information is used solely to determine the amount, if any is available to invest within the limits you have set, This information will not be shared with 3rd parties
If you have any questions about holdings in your account or one of our models, or perhaps have another question about our services, you can contact us directly at 920.785.6012 or email us at [email protected] My Robo Adviser™ has partnered with Betterment for Advisors as our technology solution to provide our services to our clients. Betterment maintains a support line you can also call for help with navigation, linking your accounts or other site functionality. You can call the Betterment for Advisors support line at 800.400.1571.
Last updated, July 31, 2018
Disclosures: Content is for informational purposes only and is not intended as personalized financial planning or legal advice. Content is subject to change without notice. MyRoboAdviser.com provides investment recommendations based on a goals-based platform. Investments are not guaranteed, not bank insured, and may lose money. Investment Advisory Services provided to clients of My Robo Adviser™ by ETF Model Solutions, LLC, an SEC registered investment Adviser (registration does not imply any particular skill or training). Sub advisory services provided to clients of My Robo Adviser™ by Betterment, LLC, an SEC registered investment advisor. Brokerage services provided to clients of My Robo Adviser™ by Betterment Securities, an SEC registered broker-dealer and member FINRA/SIPC. Certain content on the Betterment, LLC website, including projected returns and tax-coordinated portfolios, may not apply to MyRoboAdviser.com’s investment recommendations. Clients must agree to provide and maintain accurate and current information with respect to their goals and financial circumstances. MyRoboAdviser.com does not provide financial planning or tax advice. Past performance is no guarantee of future results.