How does Divvy's flexible savings program work?

Customers who are eligible for a flexible savings plan with Divvy may set a custom savings target and monthly savings contribution. That means you can contribute extra savings after pay day or even reduce your contribution to zero if you need to. 

You can update the savings you want to contribute directly in your Divvy Portal. Be sure to make your update by the later of 11:59pm PST on the day before your monthly payment due date or by the first of each month.

How is the flexible savings plan different from Divvy’s fixed savings plans?

Divvy provides qualified customers the ability to opt into a flexible savings plan. This means you can save $0 on some months and much more on others. Residents who regularly save are more likely to buy their home, so we encourage residents to do so.

In contrast, Divvy’s fixed savings plans have a fixed monthly savings component built-in to the monthly payment amount to help customers stay on track to save enough money over a 3 year period to help purchase the home.

What does the flexible plan help me do?

The flexible plan may be a good option for you if…

  • Need a little bit more time to start saving toward a down payment until you are confident you will purchase the home.
  • You find that the fixed monthly payment option that combines rent and savings is more than you planned to spend on housing and need flexibility to your monthly savings contributions.

What is the initial payment required for the flexible savings plan?

Divvy requires a  2% initial payment.

Do flexible plans have a savings target?
Your savings target and monthly contributions are flexible. Divvy recommends a 5% savings target to save towards a down payment within 3 years or less, but you can choose to save at your own pace.

Is there a minimum or maximum amount I need to save each month?

There is no minimum amount of required savings for flexible savings plans. 

What’s included in a flexible monthly payment?

A flexible monthly payment generally includes 2 items:

  • Monthly rent
  • The scheduled savings amount you choose to contribute

How do I change the amount of savings each month?

To adjust your monthly savings contribution amount, log into your Divvy Portal and use the ‘Home Savings’ widget or navigate to the ‘Payments’. The savings contribution amount you set is the amount that will be scheduled for each subsequent monthly payment unless you update it.  

Can I make a savings contribution at any time during the month?

You can make changes to your savings contribution amount at any time in Divvy Portal until 11:59 PM PST on the day prior to your scheduled rent payment date. 

Savings contributions are taken on the 1st of the month—or at the same time as rent payment. By default, rent is due on the first of each month. However, you can schedule your rent to be paid between the 1st and 15th of the month.

I am a current Divvy Home resident. Can I switch my fixed savings option to a flexible option?

Residents that started the Divvy program before this option was launched can not switch to another savings option at this time.