If you have a Savings Goal, you can upgrade it to High Yield Savings so the balance starts earning interest. Upgrading moves your Savings Goal balance into High Yield Savings and carries your recurring deposit settings over, and you can change those settings afterward. This article covers what changes when you upgrade, the steps to upgrade in the Branch App, and what happens if you don't. It applies to workers who have a Savings Goal.
What changes when I upgrade my Savings Goal?
Upgrading creates a new High Yield Savings and closes your existing Savings Goal. Your Savings Goal balance transfers into High Yield Savings, where it earns interest. A Savings Goal doesn't earn interest, so the upgrade is what allows the balance to start earning.
Your recurring deposit settings transfer to High Yield Savings automatically. You don't need to set the recurring deposit up again, and you can change or cancel it after the upgrade.
How do I upgrade my Savings Goal to High Yield Savings?
If you have a Savings Goal, the option to upgrade to High Yield Savings appears in the Branch App. To upgrade:
- Open the Branch App and navigate to your Savings Goal.
- Review the High Yield Savings information, then tap the arrow to continue.
- Complete tax verification. Tax verification confirms the taxpayer identification number Branch uses to file your 1099-INT, and you can retry it as many times as you need to.
- Review and accept the High Yield Savings terms, including consent to electronic delivery of your 1099-INT.
- Consent to close your Savings Goal and transfer the balance to your High Yield Savings.
Your balance begins earning interest once the transfer to High Yield Savings is complete.
How long does the upgrade take?
While your upgrade is processing, your balance stays visible in the Branch App. The balance doesn't begin earning interest until the transfer into High Yield Savings is complete.
Example: If you complete the upgrade steps on a Monday and the transfer completes that same day, your balance begins earning interest that Monday. Interest doesn't accrue for any period before the transfer completes.
What happens if I don't upgrade my Savings Goal?
You don't have to upgrade your Savings Goal to High Yield Savings. If you don't upgrade, your balance stays in your Savings Goal and doesn't earn interest. You can upgrade your Savings Goal at any time, and there's no deadline.
What happens to my Savings Goal activity history?
Because upgrading creates a new High Yield Savings history, your Savings Goal transaction history doesn't carry over into the High Yield Savings activity feed. That history stays available in your earlier Branch statements. Your Savings Goal balance appears at the top of your new High Yield Savings activity as an opening deposit labeled balance rollover.
Example: If you made deposits into your Savings Goal in March and upgraded to High Yield Savings in June, those March deposits don't appear in your High Yield Savings activity feed, and they do appear in your March Branch statement.