How is my "Savings Progress" calculated?
Inside your account dashboard, your “Savings Progress” is the actual value of your credit builder account if it were closed out today.
The formula for “Savings Progress” is: CD principal (no interest) - remaining loan principal - loan interest accrued to date – outstanding fees (if applicable) - CD withdrawal fee (if terminated early)
You may not make withdrawals from your account until the maturity date. Any withdrawals will be assessed a penalty of 90 days of CD interest. A withdrawal will reduce earnings. If you close your account before interest is credited, you will not receive the accrued interest, which may result in a loss of principal due to penalty. For more details, please refer to your account documents.