Savings

What are Vircle Savings Goals?


  • With Vircle's Savings Goals we've made it easier for you to enable your kid to establish responsible saving habits by setting Savings Goals to save for specific purposes - such as a new bicycle, phone, game, or adventures!
  • Parents move their money from their Parent eWallet Available Balance to a kid’s General Savings. Thinks of General Savings as a piggy bank.
  • Kid creates savings goals with amount and save by dates set & Vircle automatically updates their goals on a weekly basis, moving money from General savings into goals automatically.
  • Parents can approve completed goals by paying out completed goals as Cash (outside Vircle) or as a Spend Anywhere allowance (inside Vircle).




How do Savings Goals work? How do I set them up?


Using Vircle Savings is as simple as a 4 steps process.

  1. Parent uses the “Transfer” option to “Transfer In” Money from Parent eWallet Available Balance account to Kid’s “General Savings”.
  2. Kid may set Savings goals with Parents or Parents may set Goals for Kid using the “Create Goal” Option. Key In the goal details like Goal Name, Save By date and you may add a Picture too to this goal. Goal is live now.
  3. Now let Vircle do its magic. Every 7 days, Vircle automatically moves money from General Savings to each Goal, automatically. Your Kid’s Goal grows automatically as long there is enough money in General Savings.
  4. When a goal has been completed, as a Parent you will be prompted to “Approve” and select how the goal is paid out. When you choose Pay as cash, you should give your kid physical money and the goal amount is the released back to your Parent eWallet Available Balance. If you set the payout as “Give as Cash Allowance” the Goal amount will transfer to your kid’s Spending Account as a “Spend Anywhere” Allowance.




How do I add money to my Kid’s General savings account?


To add money to your kid's General Savings:
Step 1 : Navigate to your kid's dashboard. Step 2 : Tap on the Savings tile. Step 3 : Click on “General Savings”. Step 4 : Click on “Transfer”. Step 5 : Enter this amount you would like to transfer into your kid’s General Savings. Step 6 : Click “Confirm” to complete the process.
Your kid’s General Savings balance will update automatically.




How do I create a new Savings Goal:


Note: Please make sure you have transferred enough money into your kid’s General Savings account before you create a goal. Step 1 : Navigate to your kid's dashboard. Step 2 : Tap on the Savings tile. Step 3 : Click on "Create New Goal." Step 4 : From the Savings Goal screen, input what the goal is for, the amount and date to save by. Step 5 : Click "Create Goal" and you are good to go!
To edit a current Savings Goal:
Step 1 : Click on the Savings Goal you would like to edit. Step 2 : Click on the edit icon at the top right of the page. Step 3 : From this screen you can change the name of the Savings Goal, the goal amount, date to save by and delete the Savings Goal if need be.




How is my Kid’s Savings goal fulfilled?


Once your goal has been created, every 7 days, Vircle automatically moves money from your kid's general savings account to each goal.
Example: If your Goal is to save RM 100 across 4 weeks, each week, RM 25 is transferred from General Savings into this goal, until it reaches RM 100. This is done automatically.




Can I boost my kid’s goal?


Yes, sometimes we know a Parent may want to boost a goal. To do so: 1. Tap on the goal you want to boost. 2. As a Parent, you will be allowed to transfer IN money into a specific goal. You will be allowed to boost up to a maximum of the balance of the Goal. Example: If a Goal is RM100 and it has already RM50 via auto save, you may Boost another RM50 which will then complete the goal.




What happens when my kid reaches a Savings Goal?


As a Parent, you will need to approve Goals which are completed.
All completed Goals will be visible with a green box next to it that says “Approve”
When you select Approve, we will prompt you on how you will like to payout for this Goal;

  • Pay as Cash – This is done outside vircle. If you select this option, the money locked up in this goal is released back to your Parent eWallet, Available balance account.
  • Pay as Cash Allowance – This transfers the Goal amount from your kid’s Savings to Spending Account as a Spend Anywhere Cash Allowance.