Frequently Asked Questions

What is it?

GoalMine is the simple way to save and invest. Use it to open a mutual fund or savings account with just $25. Then, use our sharing features to let others know what you're saving for. They can contribute to your goal by buying you GoalPack gift cards.

How is GoalMine different from other savings and investing products?

We believe saving and investing should be available to anyone, no matter how much experience or money you have. That's why we've designed GoalMine so everyone can use it.

• Start with just $25: Most mutual funds require you to have an average of $2,500 to open an account. With GoalMine, you can start with a tiny fraction of that.
• Easy to understand and use: We know financial jargon can be confusing, so we talk in plain English and walk you through everything you need to know about how to start and keep saving and investing.
• Social: Our sharing and gifting features let friends and family contribute money to your goals.

What is a GoalPack?

A GoalPack is a gift card that can be applied toward GoalMine accounts. You can buy them for yourself or as gifts for others. Buy them like you would buy any kind of gift card online or at our convenient retail locations (coming soon). GoalPacks come in denominations of $25, $50, $100, and $200.

Which financial institutions are offering the GoalMine mutual funds and savings account?

The mutual funds are managed by Gratio Capital, the company behind GoalMine. Our FDIC insured savings account is offered by the Bancorp Bank.

Is the savings account FDIC-insured?

Yes, up to $250,000.

What kind of results can I expect from the mutual funds?

The market fluctuates, so like any mutual fund, we cannot promise rates specific of return. However, you can see information about our mutual funds, including fund performance, on our mutual fund page.

Can I pick my own stocks?

You can choose among our savings or mutual fund accounts, but cannot choose actual stocks themselves. The stocks and other investments in our mutual funds are chosen by the fund manager.

Why would I want to put my money in the stock market right now?

In short, because stocks and other investments can help you build wealth over the long term. Although the stock market has had a bad run in recent months, history shows that the stock market delivers steady growth over the long term. Over the long run, we think it's a more effective way to build wealth and outpace inflation than keeping your money in checking and savings accounts. Learn more about how investing can help you build wealth.

What does it cost to open a mutual fund or savings account?

It doesn't cost anything to open a GoalMine account, but you must put $25 in your account to activate it. This $25 is your money that you can withdraw any time. Fees are charged only once you begin investing or saving, and vary depending on the financial product you choose.

What does it cost to use GoalMine?

For mutual fund accounts:

• Total expense ratios range from 1-1.4% (see our Mutual Fund page for more information and prospectuses)
• 2% early redemption fee for money that is taken out within 180 days of adding it

For savings accounts:

• There are no fees for savings accounts

See a detailed explanation of GoalMine fees.

Who can open a GoalMine account?

You must be at least 18 years of age and have a valid social security number and email address to open an account.

What do I need to open an account?

To open a GoalMine account, you'll need to have the following information ready: valid email address, social security number, mailing address, and phone number.

If you choose to transfer money from a bank account to your GoalMine account, you'll also need to provide your bank account and routing numbers.

Do I need a brokerage account to open a GoalMine account?

No. GoalMine does not use brokerage accounts.

Can I edit an account after I've opened it?

Of course! Once you've opened an account, you can change your goal information and account type by choosing "Edit Goal" from your account overview. You can also change any contact or bank information by editing it in the "Account Information" section.

What if I don't know which mutual fund or savings account to choose?

If you're not sure which kind of account is right for you, our simple 3-step tool can help guide you in the right direction. You tell us about your goal and when you want to reach it, and we'll suggest a financial product for you.

How does GoalMine's fund finder tool work?

It's based on the time by which you want to reach your goal. For short-term goals (0 - 2 years), we'll suggest a savings account. For longer-term goals, one of several mutual funds is probably more appropriate.

What if I already know which savings or fund account I want?

No problem. You can choose it manually without going through the fund finder.

Can I change my financial product later on?

Yes. Choose "Edit Goal" from your account overview, and walk through the steps of changing a product.

How do I add money to my account?

Log in to your account, and select "Contribute" from your account home page dashboard. You can then add GoalPacks you've received or money from your bank account.

How long does it take for my transactions to post to (become available in) my account?

Contributions from GoalPacks post on the same business day.

Contributions from a linked bank account post in 2 business days.

How do I set up automatic monthly contributions?

Once you've verified your bank account, log into your account, go to your "Contribute" section, and choose the option to set up a recurring transaction from your bank account. Choose the amount and day of the month you want the money to be transferred.

How do I change or stop automatic monthly contributions?

Log into your account, go to the Account Info section, and choose the Banks and Transactions tab. There, you can edit or delete your automatic contributions.

How do I withdraw money from my account?

Log in to your account, and select "Withdraw" from your account home page dashboard. You can then transfer money from your GoalMine account to a linked bank account, or choose to receive a check that will be sent to your current mailing address.

How long does it take to receive money I withdraw?

Withdrawals to your bank account will be transferred on the same business day.

Checks that are sent to your mailing address will arrive within 7 - 10 business days.

Do I have to wait until I reach my goal to withdraw the money from my account?

No. You can withdraw your money from your account at any time. Remember there is a limit of six withdrawals per month for a savings account (as regulated by law).

How do I set up my sharing page and let others know about it?

After you open a GoalMine savings or mutual fund account, choose the "Share" tab on your account overview. There, you can choose your privacy settings, write a message for friends and family, and upload photos and video to your page.

Once you've saved your page, you can share it via email, social networking sites, instant message services...you name it!

How can my friends and family find my public goal page?

Your friends can find your account by going to the Find Friends section from the GoalMine home page, and then searching for your name or email address. Make sure your privacy settings are set to public so others can find your goal. If you don't want your page to show up on search results, you can send friends and family a direct link to your page.

How do I find my friends' public pages?

From the home page, choose the option to Find Friends. You can search by full name or email address. Only those account holders who have made their goal public will be shown in the search results.

How can I give to a friend's goal?

If your friend has a public goal page, you can purchase a GoalPack gift card for him or her directly from the page. If you would like to give to someone who does not yet have an account or public page, you can purchase GoalPack gift cards from the Buy GoalPacks link. GoalPacks can be sent via email or postal mail.

Where can I purchase GoalPack gift cards?

You can purchase GoalPacks online, from the home page or directly from someone's public goal page.

How much does it cost to buy GoalPack gift cards?

GoalPacks come in denominations of $25, $50, $100, and $200. There is a $2.95 fee to buy each $25 or $50 GoalPack and $3.95 for each $100 or $200 GoalPack.

How do I redeem a Goalpack?

If you already have an account: Log into your account, choose the option to redeem a GoalPack, and enter its authorization number and PIN. Once it has been redeemed, you can choose to apply it to a financial account (mutual fund or savings) or withdraw it directly for cash.

If you don't have an account: You must open a GoalMine account to redeem a GoalPack. Opening a GoalMine account is free and does not create any obligation for you to use GoalMine. Once your account is open, you can redeem your GoalPack and choose to apply it to a financial account or withdraw the money as cash.

How do I change my goal?

Choose "Edit Goal" from your account overview. From there, you can change your goal name, goal amount, target date, and your goal's underlying financial product.

How do I change my contact information?

Log into your account and go to the "Account Information" section. You can edit your contact information under the "Contact Info" tab.

How do I change my email address?

Log into your account and go to the Account Info section. You can edit your email address under the Contact Info tab. When you update it, we'll send you a verification link to your new email address. You must click the link and log into your account with your new email address in order to complete the change.

How do I change my password or security questions?

Log into your account and go to the Account Information section. You can edit your password and security questions under the Passwords & Security tab.

How do I change my bank information or automatic monthly contributions?

Log into your account and go to the Account Info section. You can edit or delete banks and automatic transactions in the Banks & Transactions section tab.

What do I do after I've met my goal?

Celebrate! Then withdraw the money you need to make that house down payment or vacation booking, and think about what you'll save for next with GoalMine.

Or, if your goals have changed, you can update them in the "Edit Goal" section and just keep saving and investing!

How do I close my account?

Log in to your account, and select "Edit" from your account home page dashboard. Choose the option to close your account. At that point, you will be prompted to withdraw all the money from your account so we can close it successfully.

I forgot my password or email address. What should I do?

From the login page, choose the link to reset your password or retrieve your email address.

Can I choose not to display my goals on a public page?

Of course! You can manage your privacy settings under the Share tab of your account overview. We'll keep your goals private by default until you change the privacy settings.

What is investing?

Investing is different than just saving money. When you save money, you store it in one place for safekeeping and earn a modest return. The purpose of investing money is not just to save it, but to put it to work so it can increase to more than its original value. In a way, you can think of investing as planting money. It represents a chance to have your money grow.

Does investing matter?

Yes. Over long periods of time, even modest investments can grow to substantial amounts. For example, if you invested $1,000 in a savings account and another $1,000 in the stock market and left it there, this is what your money could look like in 30 years if the market performed as it has in the past. As you can see, investing can make a big difference in the long term!

However, investments also carry risk. This means it is possible not only to gain money, but also to lose it. That's why GoalMine offers different mutual funds with different allocations and levels of risk and reward so you can choose the one that is best suited to your life, goals, and risk tolerance.

What is a mutual fund?

A mutual fund is a type of investment. It is a pool of assets (like stocks and bonds) that is managed by a professional money manager.

Another way to think about mutual funds is to think of them as a sort of cooperative. Many people put their money into one fund for the fund manager to invest. That manager then puts that money into many different kinds of investments like stocks, bonds, and other kinds of securities. In that way, people can own pieces of all those separate investments and share the cost of investing by just investing in that one fund.

Why do people invest in mutual funds?

Investing in mutual funds is also an easy way to diversify assets - that is, spread your money among several investments so you don't put all your eggs in one basket.

Many people also like the simplicity of mutual funds. Since a mutual fund already contains a collection of different investments all rolled into one fund, you don't need to buy a bunch of different stocks to create a balanced investment portfolio - you can buy just one fund.

Some people also like the fact that they don't need to know much about investing in order to start investing in a mutual fund. Because a professional money manager picks picks the investments and makes the trades, it means they don't need to know how to do that themselves in order to start investing right away.

What are mutual funds used for?

If you have a retirement plan through work, you may already have a mutual fund and not even realize it. Most 401(k) plans invest in mutual funds because of their simplicity. But mutual funds aren't just for retirement - far from it. Mutual funds are a great way for individuals to invest for any number of goals, whether it's saving for a house, a baby, or just to build wealth in general. Historically, they have provided a way for everyday people to gain access to high quality investments at a relatively low cost.

Who are mutual funds good for?

Generally speaking, mutual funds are good for people who will invest for a while before they plan to take the money out of the investment. The time between when they start investing and when they plan to take the money out is often called an investing time horizon.

It's important to have a general idea of your investing time horizon because that will determine not only if a mutual fund is right for you, but also which particular mutual fund is right for you. That's because different mutual funds have different kinds of asset allocations, which determine their potential risk and potential reward. Generally, the longer you can leave your money in, the higher the potential reward is.

Do mutual funds have risks?

Before you invest in mutual funds, it's important to understand they are an investment. And just like any kind of investment, they are not guaranteed. Just as it is possible the return on your investment may be higher than you thought (reward), it is also possible the return on your investments may not be as high as you would like (risk). There is also the possibility you may lose money on your investments.

Each mutual fund comes with different levels of risk and reward. Generally, those with higher risk and reward levels are better for longer time horizons, and those with lower risk and reward are better for those with shorter time horizons. That's why it is especially important to save or invest your money in the kind of fund that is best suited to your investing time horizon. It's also why GoalMine offers several different mutual funds and a savings account so you can put your money in the kind of product that is best for your particular goals and tolerance for risk.

What's the difference between a mutual fund and a savings account?

A savings account is a place to save your money. The money resides in a bank account and generates a small amount of interest. Unlike a mutual fund, it is FDIC-insured, which means you can never lose it (less risk than a mutual fund). It also tends to generate less of a return on your investment, which means it is not usually used for growing your money over the long term (less reward than a mutual fund). Many people use savings accounts for shorter-term goals like establishing an emergency fund, planning for a summer vacation, or establishing an emergency fund.

A mutual fund is a place to grow your money. The money is invested in several stocks and bonds. Unlike savings accounts, mutual funds are investments that can lose money (more risk than a savings account). However, they can also generate a higher rate of return, which means money can grow more and faster over the long term. Many people use mutual funds for longer-term goals like retirement and saving for college.

Which is the best account for me?

It depends on you and your personal circumstances. Generally speaking, if you plan to invest for a long amount of time and want to grow your money, then a mutual fund is probably a better place to do that. If you want a place to store your money for a shorter time period or you want it to be available to you at any time, then a savings account is probably better.

Still confused about which kind of account is right for you?

That's okay. When you open an account at GoalMine, we'll walk you through some simple questions like what you're saving for, how much you need, and when you need it. Based on your answers, our product selection tool will help you find a product best suited to your goal. Or, if you already know what you want, you can choose an account yourself.