SmartSave FAQs
Overview
What is “My Savings Accelerator”?
My Savings Accelerator” is a suite of automated savings tools consisting of “SmartSave” and “Round Up” designed to help you move money from your checking account into your savings account over time.
What is SmartSave?
SmartSave is an automated savings program that uses predictive technology to analyze your incoming deposits and transaction patterns to identify when you have extra funds that can be safely moved from your checking to your designated Commerce savings account. Before you know it, you’re saving money like never before — and we’re doing all the work for you!
Is there a fee to use SmartSave?
No. There is no charge to use SmartSave.
Do I need to continue to maintain the minimum monthly balance requirements for my checking account to avoid a monthly service fee?
Yes, if your checking account has a monthly fee. All checking account terms still apply.
Who is eligible for SmartSave?
To participate in SmartSave, you’ll need a personal checking account and savings account at Commerce, as well as Online Banking or the Commerce Bank Mobile App. Your accounts must be in good standing and have sufficient balances to be eligible for the program.
Is SmartSave different from a recurring transfer?
Yes. SmartSave learns about your incoming deposits and transaction patterns to identify when, and how much, is ideal to move to your designated Commerce Bank savings account. With SmartSave, we'll automatically make periodic transfers of money to your savings so you can save more! Recurring transfers, on the other hand, require you to do all of the work. They must be scheduled in advance at a set schedule for the same amount every time. Often, recurring transfers are scheduled for a lower dollar amount just to be safe and you're not saving as much as you could be.
What kind of activity does SmartSave analyze/consider in determining how much to save?
SmartSave considers all transaction activity in the enrolled checking account when determining how much to save.
If I have a joint account holder, is their activity considered in how much can be saved?
Yes. Any transaction activity in the enrolled checking account will be considered.
Can I set goals for my savings?
Yes, you can create multiple goals; for example — ‘vacation fund’ and ‘retirement’ and direct your savings to those goals. All deposits into your designated Commerce Bank savings account will be allocated to your goals. You’ll also have a Core Savings Goal for any funds in your account that aren’t allocated toward a specific goal.
What is a Core Savings Goal?
Your Core Savings Goal is the portion of your designated savings account balance that does not have a goal assigned to it. Your Core Savings Goal balance, plus the sum of your goal balance(s), will equal the total balance in your savings account. Note: If you choose not to set up a goal(s), a Core Savings Goal will not be established.
Enrollment
How do I start?
Just complete the enrollment within Online Banking or the Commerce Bank Mobile App and we’ll do the rest!
How long does it take to enroll?
It takes just a few minutes to select the accounts you wish to enroll and to set up your goals (optional).
Why don’t I see an option to enroll?
Certain eligibility requirements must be met in order to enroll. See “Who is eligible for SmartSave?” above. If you have questions, please contact us at 833-643-4125.
Can I use a savings account from another financial institution for SmartSave?
No. Only Commerce Bank savings accounts are eligible for the SmartSave program. Money market accounts are not eligible.
I have multiple checking and savings accounts; can I link more than one to SmartSave?
No. You may only link one designated Commerce Bank checking account and one designated Commerce Bank savings account for SmartSave. Money market accounts are not eligible.
I have multiple checking and savings accounts. Can I enroll for both SmartSave and Round Up?
No. Despite the number of accounts you have, you may only enroll for one product — either SmartSave or Round Up.
Transfers
After I enroll, when will SmartSave transfers start?
Transfers can begin the day after you enroll for SmartSave. Please note that if your checking account was recently opened, you may see little to no SmartSave transfer activity. SmartSave can require up to 4 months of account activity to fully understand your financial habits before starting to save.
How often can SmartSave transfers occur?
SmartSave transfers can occur up to 3 times per week, Tuesday through Saturday. SmartSave, however, is personalized to you and your transaction patterns. Some weeks or months, you may not see any saving transfers.
What time of the day will my SmartSave transfer occur?
SmartSave transfers will normally occur between 7:30 and 8:30 a.m. Central Time. The transfer will show in the ‘Current’ transactions section of Account Activity temporarily before it moves to the ‘Posted’ section of Online Banking or Mobile Banking.
Is there a limit to how much can be transferred?
Yes. Transfer limits are in place to ensure that the program builds your savings over time without overextending you. These limits vary by customer. The max amount that can be transferred in a single day is $50 and the max amount that can be transferred in a single month is $650. You have the ability to lower the max amount that can be transferred in a single month. If you’d like to customize this amount, please go to ‘Program Management’ → ‘Set my Preferences’.
Will only my SmartSave transfers be allocated toward my goals?
No. All deposits to your designated SmartSave savings account will be allocated toward your goal(s).
Will I be notified when a SmartSave transfer occurs?
Yes, if you have enabled the ‘SmartSave or Round Up transfer is greater or equal to your specified amount’ Alert and it meets the criteria you’ve set. To set up an Email or SMS Alert, log in to Online Banking at www.commercebank.com, or, if you wish to receive Push Alerts, please do so within our mobile app. Under “Account & Card Alerts”, you’ll find this Alert listed within the checking account section for which you enrolled.
Why am I saving less than what was originally estimated?
Your savings estimate is based on your checking account’s historical patterns. If the amount being saved does not align with the estimated amount, there could be various reasons including, but not limited to:
- Your spending habits in the checking account have changed
- Your checking account balance is lower than expected or fluctuating more than normal
- You’ve set a minimum checking balance or max monthly transfer amount preference that limits the amount of money you move
Overdrafts
Can a SmartSave transfer overdraw my account?
SmartSave will validate that your available balance is above a certain balance threshold before scheduling a transfer and will consider any ongoing and recurring commitments such as scheduled payments. However, you may have unexpected payments that cannot be foreseen and may be processed before the SmartSave transfer posts to your account. Therefore, it is possible that your balance could fall below $0, and you become overdrawn and charged overdraft fees. You are responsible for ensuring your checking account has sufficient funds. If you believe a SmartSave transfer caused an overdraft in your checking account, please contact us for a refund by calling 833-643-4125. See the following three questions for information about how to avoid overdrafts and what to do if a SmartSave transfer causes an overdraft fee.
What can I do to protect myself from becoming overdrawn and being charged overdraft fees?
There are many ways to protect your accounts from becoming overdrawn.
You can monitor your account balances using Online Banking and our mobile app. In addition, signing up for Alerts is a great way to stay on top of your accounts. Set up an Alert to notify you by text, email or push notification when your:
- “Current Balance is below your specified amount”
- “SmartSave or Round Up transfer is greater than or equal to your specified amount”
Another option is to increase the minimum checking account balance required before allowing a SmartSave transfer. To do this, please visit the SmartSave “Program Management” page → “Set my Preferences” and increase the “Minimum Checking Balance Required to Allow a Transfer”.
In addition, you can also choose to limit the “Maximum Monthly Transfers Amount” while on the same page. This is the maximum total amount that can be transferred from your checking to your designated Commerce Bank savings account in a given month through the SmartSave program.
Overdraft Services are also a great addition for your checking account.
What should I do if an overdraft fee is assessed due to a SmartSave Transfer?
If a SmartSave transfer causes an overdraft fee on your checking account, please contact our Customer Care Center to request a refund. If the overdraft fee was due to the SmartSave transfer, expect a refund of the fee. If necessary, you can complete an Internal Transfer from your savings account back to your checking account to bring your checking account to a positive balance. Please note that you will see both the original fee, as well as the fee refund, on your statement. Depending on the timing of the refund, the refund may be displayed on the following month’s statement.
Can I reverse a SmartSave transfer to prevent becoming overdrawn?
You cannot reverse a SmartSave transfer; however, you can complete an Internal Transfer from your savings account back to your checking account to bring your checking account to a positive balance.
Please note that account limitations apply:
- myRewards Savings are allowed four withdrawals or outgoing transfers per year to be eligible for the annual matching deposit
- Saving accounts are allowed up to three free withdrawals or outgoing transfers per month: $2.00 for each additional withdrawal or transfer
Program Management
Can I control/configure how much is transferred from my checking to my designated Commerce Bank savings account?
Yes. You can choose to limit the maximum amount that can be transferred from your checking to your designated savings account in any month. Go to “Program Management” → “Set my Preferences” → “Maximum Monthly Transfers Amount”.
Can I pause SmartSave transfers?
Yes. You can pause the service (all transfers) at any time for up to three months. You may want to place a temporary pause on the service and keep funds in your checking if you become aware of unusual or unexpected expenses coming up, for example, a special trip or a home repair. If you need to pause for more than three months, please unenroll from Round Up. See “How can I unenroll from the Round Up Program?” below.
How do I pause SmartSave transfers?
Go to: SmartSave “Program Management” → “Pause my Savings”, then provide the date that you would like SmartSave to resume moving money to your designated savings account.
Can I pause just one or more of my goals?
Yes. You can pause one or more of your goals for up to three months. Go to: SmartSave “Program Management” → “Edit my Goals” → then select the Pause icon on the screen and follow the instructions.
What is the difference between pausing the service and pausing a goal?
Pausing the service will stop all SmartSave transfers from occurring until your resume date. You can pause the service for up to three months. Pausing a goal will stop funds from being allocated to that goal only; SmartSave transfers will continue. Both of these changes can be completed from the SmartSave “Program Management” page.
If I have a joint account, will we both be able to change the settings?
No. Only the customer that enrolled in SmartSave can manage the program.
How can I unenroll from the SmartSave program?
Go to: SmartSave “Program Management” → “Discontinue my Savings”, then follow the instructions on screen. Funds will be reassigned to your Core savings and your goals will be removed.
