Gusto savings goals are interest-bearing bank accounts designed to help employees connect payday and savings, making it easier to save for the unexpected and achieve greater financial security.1
With Gusto savings goals, employees can create up to five different, customized accounts to help them reach their financial targets. Each savings goal has a unique bank account number making it easy for transfers to external accounts or direct bill pay.
Upon opening a savings goal, employees can choose the amount they’d like to save from each paycheck. On payday, the selected amount is automatically deposited to the applicable savings goal. If you have multiple savings goals, you can choose how much they’d like to save to each goal from every paycheck.
Savings goal accounts are similar to standard savings accounts, but better. Since these accounts are demand deposit accounts, employees don’t face the same withdrawal and transfer limits of a typical savings account. With savings goals, employees can make unlimited monthly withdrawals and deposits in and out of their savings goals, for no fee or penalty. Additionally, with an APY of 1%, they earn interest on the money kept in their account(s).2
With Gusto savings goals, there are no account fees, transfer fees, or minimum balance fees, and no restrictions on how frequently funds can be withdrawn or deposited to an account.3
The schedule below lists the fees and limits associated with Gusto savings goals:
| Fee type | Gusto savings goals |
| Overdraft fee | $0 |
| Minimum balance fee | $0 |
| Monthly account service fee | $0 |
| ACH bank transfer fee | $0 |
| ACH withdrawal limit | $5,000/day |
| ACH deposit limit | $1,500/day |
Gusto savings goals earn interest at a rate of 1% APY.2 Earnings are added to the account balance at the end of each calendar month.
Monthly account statements are available to review and download from the Wallet tab of the Gusto employee dashboard or the Gusto Wallet mobile app. Monthly statements are available within 5 business days after the end of each month.
If an employee earns $10 or more of interest in a given tax year, Gusto Wallet will generate a 1099 statement to reflect the amount of interest earned. If applicable, the 1099 form will be mailed to the employee’s home address on file.
Gusto is committed to maximizing the APY offered on Gusto savings goals, but please note that the APY can fluctuate as the economy changes.
Link an external bank account
Employees can link an external bank account to their Gusto spending account to transfer funds between accounts. For security reasons, employees can link one external bank account at a time and can use up to two external bank accounts every 90 days. When applicable we recommend that employees link their external bank account in Gusto Wallet as soon as possible to avoid transfer delays.
Follow these steps to link an external bank account to your Gusto spending account:
Initiate a transfer
Follow these steps to initiate a transfer from a spending account to a savings goal account:
Transferring funds between a Gusto spending account and a Gusto savings goal is instant.
Transferring funds between a Gusto spending account and an external bank account can take 3-5 business days for the funds to become available. Exact timing of availability depends on the receiving bank.
Transfer limits
The daily transfer limits for the Gusto spending account are as follows:
Employees can find the routing and account numbers for each of their Gusto savings goals in the Gusto Wallet app under "Account details" for the applicable savings goal.
Gusto savings goals support inbound and outbound electronic fund transfers and ACH deposits, such as direct deposit payments and income tax refunds. Gusto savings goals do not support wire transfers.
Employees who have opened Gusto savings goal account(s) can maintain access to the account(s) even if they’re no longer paid through Gusto.4 As long as the accounts are not closed and remain in good standing, the employee can continue to access the account(s) through the Gusto Wallet mobile app or their Gusto profile.
Gusto savings goals can be managed on-the-go from the Gusto Wallet mobile app, available in the App Store® and Google Play® store.5 Employees can check their account balances, initiate a transfer, review paystubs, and update their per-paycheck-savings.
1. The Gusto Cash Account, savings goals, spending account, and debit card are issued by nbkc bank, Member FDIC.
2. Cash Account Annual Percentage Yield (APY) as of 6/24/22 is 1%. APY is variable and subject to change at our discretion, without prior notice. No minimum balance required. Based on the FDIC savings rate as of 6/21/22 available at fdic.gov/regulations/resources/rates/.
3. Some fees, such as out-of-network ATM fees, may apply. Please review the terms and conditions carefully.
4. Gusto is a payroll services company, not a bank. Banking services provided by nbkc bank, Member FDIC.
5. App Store is a service mark of Apple Inc., registered in the U.S. and other countries. Google Play is a trademark of Google LLC.