Categories
Tips & tricks

How to track your savings in Cake?

The Cake savings dashboard allows you to track your savings. Learn how to activate your savings dashboard.

In your Cake app there’s a Savings dashboard. This allows you to see how much you have saved per month and how much you save on average every month. 💰

But what if you don’t see any data in your savings dashboard? 👀

This needs a little background explanation.
The existing connection between your bank 🏦 and the Cake app 🍰 (the so-called PSD2 API) doesn’t allow us to access savings accounts. In Belgium, in contrast to other European countries, the PSD2 regulations were interpreted restrictively and limited to current accounts.
We are working on a solution to bypass this, but this is work in progress 🏗.

The good news is that we don’t really need access to your savings account to track your savings. If you tell us what the account number of your savings account is, we can simply track transfers to and from that account 📈. It really is that simple!
We feel that the actual amount on your saving is not that volatile, so not having the balance in Cake is a limitation that we can live with (for now). The most important thing to us, is that we can motivate you to save… and provide you a clear insight into your savings.💡

So, how to activate your savings dashboard?

Step 1 👉 Add the savings account

You can use the “add account” button on your home screen, and manually provide the account number of your savings account.

In the current version of the app, the flow will try to connect to your bank account, but it will return with an error message (most probably stating something like “not authorised” ⛔). We designed a uniform flow that works in most European countries (as they don’t restrict access to savings accounts), but clearly this is not ideal in Belgium. In a next update we will address this… and skip the error flows.

Upon returning in Cake, you will notice that the app stored your savings account… but it’s setup in a disconnected state. That’s fine for now 👌… as explained earlier, no need to get it connected yet.

Step 2 👉 Configure the account

As a final step, go to your “Settings”-menu and set the “account type” of your account to “Saving”.

Once you completed these steps, we will start tracking your savings in Cake 💪. The transfers to and from your savings account will additionally not be counted as income or expenses.

We have a lot of features, and an entire release on the roadmap to improve your saving, but let’s stick to what we have now… and how you can set this up. You can find the features on our open roadmap.

In the next few weeks, we will implement the same flow for investment accounts.

Enjoy!