Dual emergency reserve and savings account and systems for allocating deposits

An apparatus for providing dual emergency reserve/savings accounts and allocating deposits to the accounts, the apparatus comprising:

• a computing platform including a memory and a processor in communication with the memory;
• a dual emergency reserve/savings account module stored in the memory, executable by the processor and including:
• an emergency reserve amount-determining routine configured to determine a customer's emergency reserve amount based on the customer's perceived financial needs during occurrence of a predetermined covered event;
• a dual emergency reserve/savings establishment application configured to establish for the customer, and store in a database, a dual emergency reserve/savings account that includes a savings account and an emergency reserve feature, wherein the emergency reserve feature is for the determined customer's emergency reserve amount;
• a deposit allocation routine configured to receive a deposit amount for the dual emergency reserve/savings account, determine for the deposit amount a savings amount allocation and an emergency reserve fee allocation and deposit the savings amount in the savings account and applying the emergency reserve fee to the emergency reserve feature.

A computer program product comprising:

• a non-transitory computer-readable medium comprising:
• a first set of codes for causing a computer to determine a customer's emergency reserve amount based on the customer's perceived financial needs during occurrence of a predetermined covered event;
• a second set of codes for causing a computer to establish, for the customer, a dual emergency reserve/savings account that includes a savings account and an emergency reserve feature, wherein the emergency reserve feature is for the determined customer's emergency reserve amount;
• a third set of codes for causing a computer to determine, for a received deposit amount, a savings amount allocation and an emergency reserve fee allocation;
• and
• a fourth set of codes for causing a computer to deposit the savings amount in the savings account of the dual emergency reserve/savings account and apply the emergency reserve fee to the emergency reserve feature.

A method for allocating deposits to a dual emergency reserve/savings account, the method comprising:

• receiving a deposit amount for a dual emergency reserve/savings account;
• determining, via computing device processor, for the deposit amount, a savings amount allocation and an emergency reserve fee allocation;
• and
• depositing, via a computing device processor, the savings amount in the savings account of the dual emergency reserve/savings account and applying the emergency reserve fee to the emergency reserve feature.