Cash Goals – Frequently Asked Questions
What are Cash Goals?
Cash Goals allow users to set aside money within their Cash account for specific purposes (such as an emergency fund, vacation, or short-term savings goal). Users can create and manage multiple goals within a single Cash account.
What is the purpose of Cash Goals?
Cash Goals are designed to help users organize their savings, stay on track toward financial goals, and better manage how money is allocated within their Cash account.
Getting Started
How do I create a goal?
Select your Cash account and click on 'Create a goal', then follow the prompts to name your goal and set a target amount (and optional deadline).
How many goals can I have?
Users can create multiple goals within a single Cash account.
What is the Emergency Fund goal?
The 'Emergency Fund' is a default goal included in the account. It cannot be renamed or deleted and is intended to help maintain a baseline level of savings.
Funding & Contributions
How do I add money to a goal?
Users can fund a goal in a few ways:
- Depositing money into the Cash account and selecting a goal during the transfer
- Moving money from the unallocated balance into a goal
- Setting up recurring contributions
Why didn’t my deposit go into a goal?
If a goal is not selected during the deposit process, funds will be placed into the unallocated balance by default.
Can I move money between goals?
Yes, users can move money between goals or from the unallocated balance at any time.
Withdrawals
How does withdrawing money work?
Withdrawal behavior depends on whether a goal is selected:
- If a goal is selected: Funds are withdrawn from that goal first. If there isn’t enough, funds will then come from other goals, followed by the unallocated balance.
- If no goal is selected: Funds are withdrawn from the unallocated balance first, then from the oldest active goals.
Why did money come from a different goal than expected?
If the selected goal does not have enough funds, the system will automatically use funds from other available balances to complete the withdrawal.
Goal Management
What happens when I reach my goal?
Once the target amount is met (or exceeded), the goal will be marked as complete.
Why did my goal disappear?
If money is withdrawn from a completed goal, it will automatically be archived.
Can I delete or rename a goal?
Most goals can be edited or removed. The Emergency Fund goal cannot be renamed or deleted.
Can I unarchive a goal?
Archived goals cannot be restored, but a new goal can be created at any time.
Interest & Earnings
How is interest applied?
Interest is distributed proportionally across all goals and the unallocated balance based on how funds are allocated.
Availability
Is this feature available to all users?
This feature is currently available within the Empower Retirement Dashboard experience, with broader availability potentially expanding over time.