Happy Savings Accounts™

Opening a Happy Savings Account™

Who can open a Happy Savings Account™?

We want as many people as possible to start saving happier with our Happy Savings Accounts™. Happy Savings Accounts™ are available to consumers who are citizens or permanent residents of the fifty United States (“U.S.”) and the District of Columbia who are at least 18 years of age, 19 in Alabama and Nebraska, and 21 in Mississippi and Puerto Rico with a valid Social Security number. You must agree to accept electronic, rather than paper statements. Your acceptance of electronic statements means; (i) you must keep us supplied with your valid email address; and (ii) you must agree to accept electronic delivery of all account communications (such as end-of-year tax forms and electronic statements).

What do I need to open a Happy Savings Account™?

Applying for an account is quick and easy! The application takes just a few minutes, and all you need is some basic information and your Social Security number. 

What steps are there in opening an account?

To open an account, you’ll read and agree to our account terms and conditions, confirm some basic information (such as your address, birthday, and Social Security number), and verify your identity with our bank-level security questions.

What terms and agreements do I need to agree to?

We want you to be aware of your legal rights when opening a Happy Savings Account™, what rights you give us when using the Happy Money app, and what rules and regulations apply to your account. To open a Happy Savings Account™, you’ll need to agree to the Terms & Conditions, eSign Disclosure, Consumer Deposit Agreement, and Privacy Policy.

What if I don’t have a Social Security number?

While only those with a valid Social Security number can open a Happy Savings Account™, you’re free to use all of the Happy Money app features without a savings account.

Why wasn’t I able to open a savings account? 

Unfortunately, we’re not always able to open accounts for everyone who applies for a variety of reasons, mainly if we weren’t able to verify your identity. You can reapply for an account after 30 days.

How do I fund my new account?

Once we complete the verification process, you’ll be able to link a primary checking account to your Happy Savings Account™ and start saving some bank! You’ll just need your login info for your primary checking account.

Account Information

How much interest does my account earn?

Happy Savings Accounts™ currently earn 0.46% Annual Percentage Yield (APY).

What is APY? 

Annual percentage yield (APY) is the total amount of interest you’ll earn on your savings balance in a year. The interest you earn is added to your account balance monthly and you’ll earn interest on your interest, also known as compounding interest!

How is APY calculated? 

Interest is calculated based on your account balance as of 4 p.m. CST each day. The interest is paid into your Happy Savings Account™ on the last day of each calendar month. If you close your account prior to the end of a calendar month, your prorated interest for that month will be paid out immediately into your account.

Is my Happy Savings Account™ insured? 

All Happy Savings Accounts™ are offered through nbkc bank, a member of the Federal Deposit Insurance Corporation (FDIC), and are insured up to the maximum amount of $250,000 per account. For more information about FDIC insurance limits, please visit www.fdic.gov.

Does Happy Money offer joint accounts? 

We don't currently offer joint accounts.

Deposits

How do I make a deposit to my account?

You’ll need to link an external account to deposit money into your account. When opening a Happy Savings Account™, please follow the steps provided to connect your primary checking account. You can also navigate to “Manage Accounts” under your Profile settings, and select “+” option to add an account. All you need is your bank login info to link an account. From there, you’ll be able to deposit any available funds into your Happy Savings Account™. 

How do I link an external bank account? 

To link an external account, go to “Manage Accounts” under your Profile settings. You can select “+” option to link an account at any time. We’re able to link to your primary checking account through Plaid, Inc., our secure third-party system. All you need is your bank login info to link an account. Your information is encrypted and Happy Money never stores bank login info on your device. 

Are there any deposit limits? 

There is a daily deposit limit of up to $1,500.00 and a monthly deposit limit of $25,000 per user. 

How long are deposits on hold?

Transfers arriving in Happy Money accounts will be available for future transfers after five business days. 

Transfers and Withdrawals

How long will my transfer or withdrawal take?

Bank transfers are a multi-step process that go through the central Automated Clearing House (ACH) network. Transfers typically take 1-2 business days to show up in your account. Transfers initiated before 3 p.m. CST will start processing the same business day. Transfers initiated after 3 p.m. CST will start processing the following business day. Business days are Mon-Fri, not including federal bank holidays. Transfers initiated on federal bank holidays will be processed the following business day. Transfers arriving in Happy Money accounts will be available for future transfers after five business days. 

How much money can I withdraw on a daily and monthly basis?

There is a daily withdrawal limit of $5,000.00, and a per transaction limit of up to $5,000.00. Additionally, there is a monthly withdrawal limit of $25,000.00.

Are there any withdrawal limits? 

You can make 6 withdrawals per month from your Happy Savings Account™. This limit is set by the Federal Reserve Board’s Regulation D.

What happens if I reach my withdrawal limit?

We want all Happy Money members to have access to their funds, so if it’s the first time you’ve exceeded your withdrawal limit for the month, you will be presented with a warning message.

Due to the Federal Reserve Board’s Regulation D, if you exceed your withdrawal limit for a third time in a 12 month period, more than six withdrawals per month will be blocked for your account.

Why are my funds on hold?

Bank transfers are a multi-step process that go through the central Automated Clearing House (ACH) network. This process is not instant, so transfers arriving in Happy Money accounts will be available for future transfers after five business days. 

Can I cancel a transfer?

We’re working hard on adding this feature— please stay tuned!

Account Statements

Where can I view my Happy Savings Account™ statements?

Account statements are generated on a monthly basis and are available in the Happy Money mobile app Profile settings. Navigate to “Manage Accounts,” choose the account name for which you’d like to view a statement, and select “View Statements.”