Savings Vault
All about our Savings Vaults, adding and withdrawing money and earning interest.The Savings Vault allows you to invest your funds in money market funds through the Wealthyhood app. Money Market Funds (MMFs) are an alternative to traditional savings accounts, offering competitive interest rates, and allowing your savings to grow faster, all while keeping your money on the safer side.
You can set up separate vaults for each supported currency, depending on your country.
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 monthly interest on the money you hold in it. During the month, you can track the interest you’ve earned in your Savings Vault. At the beginning of each month, this interest is paid into your Savings Vault and is automatically reinvested in the underlying money market fund.
The net yield for each Savings Vault on the app is the average rate of return of the underlying money market fund over the prior day if held for one year. For the math geeks, it's calculated by multiplying the daily interest rate by 365. The net 1-day yield is net of all fees and depends on your Wealthyhood plan. The net yield is updated every day.