Having a dedicated place for your savings is an easy way to build an emergency fund or make progress towards your financial goals. Palolo lets you automate your saving while keeping your money in a secure, FDIC-insured account.
To start saving:
- Log in to Palolo
- From the Perks tab, select Start saving
- Select Get started
- Choose how much you want to save per paycheck
You can either enter a dollar amount or percentage. If you enter a percentage, you can optionally set a maximum dollar amount per paycheck. - Check the box to confirm you want to turn on automatic savings, then select Start saving
Now sit back and watch your savings grow! You can see how much is in your balance anytime by logging in to Palolo and viewing your Saving Perk.
Is this a savings account?
Your savings in Palolo are kept in a special kind of savings account that you access in Palolo instead of a traditional bank.
Because Palolo is connected to your paycheck, all of your savings happens from your paycheck, making it easy to save without worrying about how much to allocate each month.
How do I withdraw from my savings?
You can withdraw money from your Palolo savings any time and transfer it to your own bank account. Learn how to withdraw from your savings.
Keep in mind: if you're eligible for a savings boost, the amount you withdraw may affect how much money you can earn from your boost. To make the most of your savings, it's best to keep your money in in your account and only withdraw if you really need to.