Frequently Asked Questions
Please see below for some of the most frequently asked questions about Downloading and using the SavR App. If your question is not answered below, feel free to email email@example.com and we will be happy to assist.
Is SavR secure?
The SavR Mobile Application and Webservices have a certified 'A' Rating for security. Your information is stored in secured, remotely accessed servers and transmitted using end to end Encryption and SSL.
I have to input my Bank credentials, including my password, to use SavR. Where is that information stored?
SavR will only require you to input your bank credentials to verify you are the owner of the nominated account. The information is sent via end-to-end encryption, and it is immediately deleted. SavR DOES NOT store your bank logins or passwords.
I have to provide my SSN and Photo ID. Where are they stored?
SavR will only collect and transmit your Identity information to verify who you are. Once the information is transmitted to our trusted partners to verify your Identity, it is deleted from our servers. We DO NOT keep records or copies of your personal identity documents.
What if SavR is hacked? Is my money safe?
The SavR Mobile App can only transfer money from one of YOUR verified accounts to another one of YOUR verified accounts. There is no way the SavR app can transfer funds to an external account without your permission.
Is SavR a Bank?
No. SavR is an automated Financial Management Tool. A great way to use technology to help you build your financial savings. SavR utilizes partner banks to securely hold your funds. If you are a US resident, and you open a new savings account via the SavR App, the institution that holds your money is FDIC member, Evolve Bank. You can view the details of the savings account here https://synapsefi.com/evolve-truth-in-savings
What does it cost to use SavR?
The SavR App is free to download, and to make it as cost effective as possible there is a very small transaction fee charged each time money is transferred. Once your round-up amounts total more than $5, that money is sent from your daily account to your savings account and a 10c transaction fee is charged. For most users, this should work out to be around $8.00 - $15.00 per year, depending on usage. We feel this is much better than a $10-$15/month account keeping fee to save your money with a traditional bank. For frequent savers who make a lot of savings transactions, There is a cap of $15.00 for annual transaction fees. Any user that is charged over $15.00 in transaction fees in a Calendar year will have the amount in excess of $15.00 refunded. A calendar year is determined to be 1/1/xxxx to 12/31/xxxx. Refunds will be issued as soon as possible, once calculalated.
Do I have to open a new account to use SavR?
No. The SavR App will work fine by linking it to a deposit account you already have with another Bank, as long as that Bank is currently supported by our software.
Are their fees on my new SavR savings account?
No. The new Savings Account opened for you via the SavR App has no account opening or closing fees, no minimum deposit and no monthly account fees. We feel like this will help our Users reach their savings goals sooner. The full list of applicable account fees can be viewed here https://synapsefi.com/evolve-truth-in-savings
I don't see my current bank in the list of supported Institutions?
SavR works with all the most popular Banks in the US, and are working towards adding more institutions all the time. Unfortunately, if your day to day bank account is not with one of our supported banks, SavR will not work for you just yet.
Can I round up from more than one account to SavR?
Not just yet. We do, however, have some exciting new features for multiple accounts under development.
How do I withdraw my saved money?
You can withdraw your saved money at any time by processing your request in the Mobile App. Your saved money will be returned to your day-to-day account subject to normal ACH clearing times. You can also contact firstname.lastname@example.org for assistance with processing withdrawals.
How long until I can access my saved funds?
You can withdraw your saved funds at any time, even if you are saving for a goal but have not quite reached it yet.
What if I forget my PIN?
Three failed attempts to log in to SavR will disable your account. Your will recieve an email with instructions on how to unlock your account. SavR will continue rounding up your transactions and saving your money, even if your account is locked.
What if I lose my phone, or buy a new phone?
For security reasons, SavR is configured to one device. If you get a new device, you will need to sign in from the new device so you can view your savings progress and balance details.
What if I have difficulty getting my accounts set up?
Should you have any problems entering your information into the SavR App, or you get any unusual errors, please contact us right away at email@example.com and we will be happy to assist. We would like your SavR experience to be as smooth and trouble free as possible.
My ID wont verify?
It is important to try and take the photograph of your ID in an area that has plenty of light, preferably against a neutral or dark background. Landscape photos work best, and be sure to hold the device camera as still as possible to make sure you get a high quality image.
If your question has not been resolved above, or you would like to get more detail about any of these questions, please contact us at firstname.lastname@example.org and we will be happy to help.;