You can transfer money between your Branch Wallet and your High Yield Savings in the Branch App. Transfers can be one-time or set up as a recurring deposit from your Branch Wallet into High Yield Savings. This article covers how to add money to High Yield Savings, how to move money back to your Branch Wallet, and the limits that apply to those transfers. It applies to workers who have opened High Yield Savings.
How do I add money to High Yield Savings?
You can transfer money from your Branch Wallet into High Yield Savings at any time. Setting up a recurring deposit is an optional step within the same flow.
- From your Wallet in the Branch App, tap Save Funds.
- Tap Add Funds.
- Enter the amount you want to transfer from your Branch Wallet.
- To transfer the same amount automatically going forward, set up a recurring deposit and choose how often it repeats. This step is optional.
- Confirm the transfer.
Transfers between your Branch Wallet and High Yield Savings appear in the Branch App immediately.
To change or cancel a recurring deposit, tap Save Funds in the Branch App. You can edit or cancel a recurring deposit at any time.
Example: If you set up a recurring deposit of $100 every week, $100 transfers from your Branch Wallet into High Yield Savings each week until you edit or cancel the recurring deposit.
How do I move money from High Yield Savings to my Branch Wallet?
High Yield Savings funds can only be transferred to your Branch Wallet. You can't transfer money directly from High Yield Savings to an external bank account, and you can't withdraw High Yield Savings funds at an ATM. High Yield Savings is held within your Branch Wallet, so your Branch Wallet is the route to spending or withdrawing those funds.
- From your Wallet in the Branch App, tap Save Funds.
- Tap Move to Wallet.
- Enter the amount you want to transfer.
- Confirm the transfer.
Once the funds reach your Branch Wallet, you can spend them with your Branch Card, transfer them to an external bank account, or withdraw them at an ATM.
Example: To move $500 from High Yield Savings to an external bank account, first transfer the $500 into your Branch Wallet, then transfer it from your Branch Wallet to your external bank account.
Where do I view my High Yield Savings balance?
Your High Yield Savings balance, recent activity, rate, and most recent interest payment appear on the Savings page in the Branch App. For how your rate is set and when interest is paid, see How is interest calculated on my High Yield Savings?.
What happens to my High Yield Savings balance if I close my Branch Wallet?
High Yield Savings closes automatically when your Branch Wallet closes, because High Yield Savings is tied to that Branch Wallet. Before closing your Branch Wallet, transfer your High Yield Savings balance into your Branch Wallet so those funds are part of your Branch Wallet balance at closure. For the full rules on how High Yield Savings relates to your Branch Wallet, see High Yield Savings Guide.