Saving from a linked bank account
For members using savings-only, Oportun reads your linked bank account to intelligently save money to your goals automatically.
How does Oportun save for me?
Oportun looks at a few things when it determines when and how much to save for you:
- Linked bank account balance
- Upcoming income (paychecks or predicted irregular income)
- Upcoming bills
- Recent spending
- Any savings goals controls that you set (safe saving level, max daily save, goal end dates)
Every day that your bank is open, Oportun uses this information to try and find amounts that you can spare. That money is then distributed into your different savings goals.
The funds in savings goals are held at FDIC-insured banks for your benefit. All funds belonging to the same person at each bank are protected up to a balance of $250,000.
Will Oportun tell me when it saves?
Oportun works on the idea that you save money more effectively when you don't have to think about it, so you won't receive alerts when we save from your linked account.
We've heard countless stories from members who have gotten through emergency situations (or were able to splurge on fun) thanks to the money in their goals that they didn't even realize they had saved away.
Can I schedule saves?
While it's not currently possible to schedule when and how much Oportun saves for you, you can always add money to your goals whenever you'd like by tapping the Transfer money button.
Will savings work if I do most of my spending on a credit card?
As long as the bank account you have connected for savings is the one you use to pay your credit cards, Oportun will still be effective at saving. However, we won't be able to see your spending habits in as much detail as if you regularly used a debit card or made other bill payments from that bank account.