Let's first start by explaining that the existing legislation doesn't allow us to access savings account. 😭 But, ... we don't really need access to your savings account to track your savings. 💡
We feel that the actual amount on your saving is not that volatile (most people we interviewed more or less knew how much money is on their savings account by heart), so not having the balance in Cake is a limitation that we can live with, for now at least... 😁
The most important thing to us is that we can motivate you to save... and provide you a clear insight into your savings. 📈 We have a lot of features, and even an entire release on the roadmap to improve your saving. You can find the features on our open roadmap: https://feedback.cake.app/forums/924664-open-roadmap?category_id=376561
Let's stick to what we have now, and how you can set up the tracking of your savings... 🙄
Option 1. Add the savings account
You can use the "add account" wizard, and manually provide the account number of your savings account. In the new release of the app, we will ask you if you're adding a current, a savings or an investment account. It's very important to make the right choice here! 💥
Cake will store your savings account... but it's set up in a disconnected state. That's fine for now... as explained earlier, no need to get it connected (yet). 👍 In the settings screen you will see that the "account type" of your new account is set to "saving".
Once you completed this step, we will start identifying transfers to (or from) your savings account. The transfers towards or from your savings account will additionally not be counted as income or spending. 🌟
💡 Note. In some cases, the bank might not supply the account number of your savings account in a transfer. You can check this in the "transaction details" card (on the transaction screen). If this is the case, use option 2.
Option 2. Categorize transactions as savings
Sometimes, the banks don't provide us with all the necessary information. That's why some savings transactions may still appear as spending. A quick fix for this is to categorize these transactions as savings. 🛠
Select this transaction, click on the pencil that's on the right of the category and select the category Savings and Investments. ✏️
This transaction will no longer be seen as spending but will now be visible in your savings graph! 💥
You can follow exactly the same steps for investment accounts.