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.
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?
Option 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.
The app 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 this 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 not be counted as income or spending.
Note: In some cases, the bank does 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
It might happen that a bank doesn’t provide us with all the necessary information to recognize your savings account. That’s why some savings transactions may still appear as spending. A quick fix for this is to categorize these transactions as savings. 🛠
Select the savings 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.
You can find all upcoming Cake features on our open roadmap.