A sizable fraction of the population does not have high-yield savings accounts, thereby missing out on the opportunity for earning interest. Savings accounts are liquid, making them a good vehicle for an emergency fund and for meeting short-term goals (vacation, wedding, etc.) while enabling the growth of money. This disclosure describes a savings account that can be signed up and accessed from a payment application on a mobile device. The described savings account, interfaced to the user via a familiar payment application, enables users to learn the benefits of, gain trust in, and readily access savings accounts, thereby enjoying a higher interest on their savings while maintaining liquidity. The described savings account and payment application also enables users to set and track financial goals.
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Hopkins, Michael; Alves, Sergio; Spengel, Diane; and Martins, Bruno, "Personal Finance Goals Creation and Progress Tracking Using A Payment Application", Technical Disclosure Commons, (December 08, 2020)