New FDIC-insured banking comes to RoamHR App.
Since the beginning, we’ve aimed to offer an easy-to-use platform for freelancers, like you, to take the guesswork out of setting money aside for taxes. Part of this solution is a dedicated, intelligent tax withholding account that automatically sets aside the amount you’ll need to cover your quarterly tax payments.
And we’re excited to announce the tax withholding account feature is now even better!
Recently, the Tax Withholding Account feature in the RoamHR App got a security upgrade. Through a partnership with BBVA Open Platform, all new savings accounts will be opened at BBVA USA, Member FDIC, giving you one more layer of security and peace of mind for your hard-earned cash.
If you’re a current user and decide to take advantage of the FDIC-insured account, it will be opened up in your name and will include some additional security questions. Have questions on getting setup? Check out our how-to here on connecting your current checking account. If you haven’t yet experienced the financial freedom RoamHR brings, sign up for a free 30-day trial today!
What this means for you.
One of the biggest challenges for freelance workers is saving the right amount from every paycheck to pay the IRS only what is owed, nothing more, and nothing less.
By using the Tax Withholding Account, our proprietary algorithm calculates what your estimated taxes are based on the income you are bringing in. It then allows you to move that portion of your income into the Tax Withholding Account to make sure you have the right amount to pay the IRS every quarter. No more guessing on estimated taxes, or remembering to save up — we do it for you.
How to set up and get the most out of your Tax Withholding Account.
Setting up your RoamHR Tax Withholding Account is just as easy as before. You can apply for and open the account through the app.
By connecting your current checking account, you’ll unlock a host of features, including the ability to transfer money between your connected checking account and your Tax Withholding Account. This allows you to move the withholdings you’re going to need outside of your regular cash flow, which keeps you organized and on top of your finances — right from your phone.
Not only will RoamHR automate your estimated tax withholdings (even if your income isn’t consistent), but we can also facilitate IRS payments on your behalf five days before the scheduled due date. Learn more about our IRS tax payment service.
Other FAQs you might have.
While we’re hoping you’re just as excited about this next phase in the evolution of RoamHR, we understand you may still have some questions. Below are some of the more frequently asked ones, but if you have any other questions, shoot us an email at firstname.lastname@example.org, and we’ll get back to you in a jiffy!
Q: Didn’t RoamHR already offer this?
A: Sort of. We offered a Tax Withholding Account for any user who connected their bank account to help them automatically save for their quarterly tax payments, but before it wasn’t FDIC insured, now it is.
Q: What does FDIC-insured mean?
A: The Federal Deposit Insurance Corporation (FDIC) is an independent agency of the United States government that protects the funds’ depositors place in banks and savings associations. FDIC insurance is backed by the full faith and credit of the United States government. Learn more here.
Q: Who is BBVA USA?
A: BBVA USA’s banking services are integrated in RoamHR through BBVA Open Platform. BBVA USA is a Sunbelt-based bank holding company whose principal subsidiary, BBVA, operates 649 branches, including 336 in Texas, 89 in Alabama, 63 in Arizona, 61 in California, 45 in Florida, 37 in Colorado and 18 in New Mexico. BBVA ranks among the top 25 largest U.S. commercial banks based on deposit market share and ranks among the largest banks in Alabama (2nd), Texas (4th) and Arizona (6th).