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Saving goals basics

With Gusto Cash Accounts, an employee can create up to five savings goals. Each savings goal is treated as an individual bank account with a unique account number.

Transferring funds

An employee can transfer funds between their savings goals1, as well as to and from a linked external bank account. Transferring funds between savings goals is instantaneous. Transferring funds from a savings goal to an external bank account can take the typical 3 to 5 business days.


Savings goals have no hidden fees. That means no bank account fees, transfer fees, or minimum balance fees, and there are no restrictions on how frequently funds can be withdrawn or deposited to the accounts. Additionally, Gusto does not allow employees to overdraft their savings goals. Any transfer or transaction that surpasses the accounts’ current balance will be declined, but no fees will be assessed by Gusto or its bank partner nbkc for overdrafting.

Interest rate (APY)

Savings goals earn 0.09% APY2-- that’s 3x the national average. Interest earnings are added to the account balance at the end of each month. Monthly statements are available to review and download from the Wallet tab of the Gusto employee dashboard. 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.

Gusto Wallet mobile app 

Savings goals can be managed on the go from the Gusto Wallet mobile app, available in the App Store® and Google Play® store3. Employees can check their account balances, initiate a transfer, review paystubs, request a Cashout, and update their direct deposit split.

Closing an account 

To close an account, an employee needs to first bring the account balance to $0 by either moving funds to another Cash Account, including a different savings goal, or transferring to an external bank account. The employee will also need to remove the applicable savings goal from their listed direct deposit bank accounts using the paycheck splitter. Then, they can request to close the account by contacting our team at


1. Gusto Cash Accounts including savings goals and spending accounts are issued and insured by nbkc bank, Member FDIC.

2. Cash Account Annual Percentage Yield (APY) as of 4/1/21 is .09%. 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 3/29/21 available at

3. App Store is a trademark of Apple Inc., registered in the U.S. and other countries. Google Play is a trademark of Google LLC.

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