Albert aims to make saving as easy as possible. Albert does the heavy lifting for you by looking at your spending and income transactions and determining, using an algorithm, how much to transfer from your linked checking account to your Albert Savings.
There are several factors that influence Albert's smart savings calculations:
- Your upcoming bills
- Your income, including predicted paychecks
- Recent spending
- Your checking account balance
Albert uses these inputs to find amounts of money we think that you can safely save. If we find money and you have smart savings enabled, Albert will transfer the funds from your checking account to Albert Savings.
- Albert tries hard to never withdraw money from your bank account if your balance is too low. If your checking account balance is deemed too low, an automatic transfer will not be initiated.
- Smart Savings amounts are determined at the time of transfer. As transfers may take up to 2-3 business days to complete, Albert will do its best to not initiate a transfer if there is a risk of your balance decreasing dramatically before the transfer hits your account.