Patent ID: 8682760

Claim:
A computer-based method for implementation by a computer on behalf of a financial institution, the method comprising: storing in a memory circuit, for each of a plurality of customers, customer profile data that identifies a checking or savings account for accumulating automated savings, that identifies customer-specified types of financial transactions for automated savings participation, and that identifies a customer-specified saving algorithm for each of the types of financial transactions and customer-specific savings goals; receiving, at an interface circuit, notification data indicative of each one of the plurality of customers having actively engaged in at least one of the types of financial transactions for automated savings participation; and for each one of the plurality of customers, executing instructions at a computer processor to perform the steps of: accessing the customer profile data in the memory circuit; comparing, in response to the steps of receiving notification data and accessing the customer profile data, said one of the types of financial transactions being actively engaged and the customer-specified types of financial transactions and determining therefrom whether said one of the types of financial transactions qualifies for automated savings participation, based upon the determining, selecting a customer-specified saving algorithm as specified for the type of financial transaction, accessing and implementing the customer-specified saving algorithm for the financial transaction for which notification data has been received and, therefrom, increasing the amount of savings in the account for accumulating automated savings; placing a lock on withdrawals from the account, for a set number of days and for the increased amount of savings; detecting achievement of a customer-specific savings goal; and providing, in response to detecting achievement of a customer-specific savings goal, a reward.