Savings Vault

The Savings Vault lets you earn interest on your euros. Your money is placed in a money market fund (MMF), and Wealthyhood tops up the fund's rate with an Interest Boost, so you earn up market beating interest.

Money Market Funds (MMFs) are an alternative to traditional savings accounts, offering higher interest rates, and allowing your savings to grow faster, all while keeping your money on the safer side. You can withdraw at any time, with no lock-up periods.

The Interest Boost is extra interest paid by Wealthyhood on top of the MMF's rate. It changes every day to cover the gap between the MMF's rate and your plan's rate, so your rate stays fixed even when the MMF's rate moves. The Interest Boost applies to balances up to your plan's limit and it is paid together with your MMF interest every month.

Above your plan's limit, you earn the MMF's rate, which is variable and updated daily.

You can see your rate, and how it splits between the MMF and the Interest Boost, in your Wealthyhood app.

You can add money to a Savings Vault either from your available cash in your Wealthyhood account or by making a one-off payment directly from your bank account. You can also set up a repeating deposit to a Savings Vault from Wealthyhood’s Autopilot section.

You can only withdraw money from the Savings Vault to your Wealthyhood account. Keep in mind that when withdrawing money from a Savings Vault it may take up to a day for it to become available in your cash balance to withdraw or invest.

Every time you add money to your Savings Vault, a buy order for the selected money market fund of the corresponding vault is placed.

When withdrawing funds from your Savings Vault, a sell order for the corresponding portion of the selected Vault MMF is placed to accommodate the withdrawal. The money is then transferred to your Wealthyhood cash account.

Transactions for MMFs depend on the provider of the funds (e.g. Blackrock) and are processed at least once per working day. If funds are transferred into the Savings Vault before the cut-off time, they will be executed on the same day. Transfers made after the cut-off time will be executed on the next working day.

Your Savings Vault pays interest every month. During the month, you can track the interest you've earned so far in your Savings Vault, as well as the split between MMF interest and the Interest Boost. At the beginning of each month, both are paid into your Savings Vault and automatically reinvested in the underlying money market fund.

Your interest rate has two parts:

• The MMF rate: the fund's net 1-day yield, which is its average return over the prior day if held for one year. For the math geeks, it's the daily interest rate multiplied by 365. It's net of all fees, the same for every plan and updated every day.
• The Interest Boost: paid by Wealthyhood to top up the MMF rate to your plan's rate, on balances up to your plan's limit.

Your plan's rate = MMF rate + Interest Boost