Frequently Asked Questions

How does Hip Money work?

Hip Money connects to your primary person checking account to analyze your cash flow and spending patterns. When appropriate, we notify you of a personal savings recommendation. You can opt to save that amount or customize it and specify a savings goal within your Hip Money account. Funds are then moved via ACH by our FDIC-insured bank partner from your checking account to the desired savings bucket within your Hip Money account. Easily withdraw your money at any time you desire.

What makes Hip Money different than my current savings account?

Hip Money helps you identify extra, incremental amounts to save based on your lifestyle! This is money above and beyond what you might normally be doing. The Hip Money account from our partner bank also pays you .60% annual percentage yield (APY) currently, which is more than most bank and credit union savings accounts.

How long does it take for my Hip Money savings transfers to happen?

To keep costs low and offer our users a great interest rate on their savings with us, we process your savings “actions” at the end of each business day via ACH with our partner bank, BOFI Federal Bank. Transactions can take up to three business days to process.

Is Hip Money safe?

Yes. Hip Money uses standard industry security measures to encrypt your personal information and utilizes secure APIs from our FinTech partners to never store any of your login, security or account information.

Is there a charge for Hip Money?

Yes. We charge a monthly fee for the use of our app. See app for details.

Where is Hip Money currently available?

We currently have the capability to offer connection to more than 10,000 banks and credit unions in the US. We don’t currently offer any ability to connect to accounts outside of the US. If your institution doesn’t show up when you try to connect an account, please let us know the name of the bank/credit union, website, and we’ll look into it. Email

Do I need a savings account?

No. When you signup for Hip Money you get your own Hip Money account which will hold any Hip Money savings until withdrawn. Any funds held in your Hip Money account are held in a custodial account at our partner bank and are insured up to the maximum FDIC insurance, which is currently $250,000. More on that here:

How do I access my Hip Money savings?

You can withdraw your savings at anytime and as many times as you want per month. To do this, use the Transfer feature in the app.

Have other questions?

Email with any other questions. We’ll add the most often asked questions to the FAQs as the app grows! Thanks!