Personal Capital is creating complete, clear solutions to help people feel confident about their money decisions.” Saving, whether it’s for retirement, a short-term goal, or in case of an emergency, can cause anxiety. “Too many financial companies are trying to tell Americans that saving is simple – that they can just make coffee at home instead of buying that latte,” says Shah. Savings Planner calculates, breaks down, and tracks annual savings goals for retirement and an emergency fund by taking into account everything from monthly expenses to taxable versus tax-deferred accounts. With our holistic approach to financial planning, we wanted to launch a new tool on our dashboard in addition to the new high-yield account: Savings Planner.

Households, published by the Federal Reserve, found that 40% of Americans couldn’t cover an unexpected $400 expense with cash, illustrating the need for savings support beyond retirement or vacation planning. The latest Report on the Economic Well-being of U.S. So we built Personal Capital Cash to put that money back in the hands of American consumers.” We saw that and immediately knew we had to do something. “If those folks are earning the national rate on that cash, that amounts to hundreds of millions in lost interest annually.

“We have more than 2 million registered users who combined hold more than $41 billion in cash or money market accounts,” says Personal Capital CEO Jay Shah. Now anyone can open an account through Personal Capital Cash with no minimum balance, straight from their mobile device, and an annual percentage yield (APY) 23 times bigger than the national average you would get with a typical savings account, with the flexibility of an unlimited number of withdrawals and aggregated insurance protection up to five times more than what most banks offer. Today we’re excited to announce the launch of Personal Capital Cash, a new high-yield account with aggregated FDIC insurance that covers balances up to $1.25 million, and Savings Planner, a savings tool to help people plan annual retirement savings, an emergency fund, and pay down debt. Personal Capital Cash and Savings Planner are new offerings for a complete savings solution.

Commercial bank savings planner