NOMI Find & Save Review

NOMI Find & Save Review

Written by Corrina Murdoch
Fact-checked by Caitlin Wood
Last Updated November 9, 2021

Generating an actionable savings strategy can be challenging, especially when you consider the number of services available. Unless you plan to add an income stream, saving requires you to use your regular funds in a different way. There are several options on the market, each aiming to set itself apart through unique features and savings options. NOMI Find & Save is one of these programs, a proprietary service offered by the Royal Bank of Canada (RBC). 

Whether you’re an existing RBC client or are considering making a switch, NOMI Find & Save aims to take the guesswork out of saving. 

What Is RBC NOMI Find & Save?

RBC NOMI Find & Save is a digital service that connects to a personal chequing account with the Royal Bank of Canada. It uses a unique algorithm to predict the spending and savings habits of each individual participant. The goal is to determine patterns in how you use the money in your chequing account. NOMI, an AI whose namesake is purportedly the phrase ‘know me’, uses this information to tuck unused money into a different account. 

The first step is finding money that goes unnoticed, up to $50 per day, and funnelling it into a savings account. This begins the second step. The interest rates in savings accounts earn users’ funds, simply for keeping the money there. By working in the background, NOMI is designed to provide you with savings without making an impact on your spending habits or access to funds. 

Check out our roundup of the best high interest savings accounts in Canada.

How Much Will Be Transferred To Your NOMI Find & Save Account?

NOMI Find & Save can make transfers of up to $50 per day, as many as five times per week. Because the system relies on algorithmic prediction, it needs a minimum of three months of data. The more information it has to use, the better the program can assess your spending habits. It uses this data to determine when funds are entirely unnoticed and makes transfers, up to that fifty-dollar daily limit. Since the system must determine that the money won’t be missed, there may be extended periods without savings, or times with the maximum amount transferred regularly. At any time, the user can log in to the system and track their NOMI Find & Save account information. 

Can You Customize The Amount Of Money Transferred To Your NOMI Find & Save Account?

No, you cannot customize the transfer amount. This is because the predictive algorithm is responsible for the personalization of the account. Unlike a standard savings account, this program handles the logistics of your savings patterns. While you can add money to the savings account, there is no option to adjust the automation. However, since NOMI includes a pause feature, along with around-the-clock access to the account, you can easily stop transfers to the account. Because it relies on technology, the system includes multiple failsafe features, in addition to the account holder always being able to intervene. In essence, though you cannot customize the transfers, you remain in control of your money. 

NOMI Find & Save Features

The NOMI Find & Save system, though straightforward for the user, has several key features to add to its value. Depending on your banking habits, you can see ample benefits from these NOMI capabilities. From interpreted data to fail-safes and user controls, this program is thorough without being overwhelming. 

Spending Insights 

NOMI takes the raw data from the purchases you make from your chequing account and translates it into usable information. It requires at least three months of banking history in order to complete its analysis, an algorithm that gets more accurate the longer it’s in use. 

  • Sort & Report: The algorithm sorts your purchases into different categories (food, transportation, etcetera), and sets them against a timeline. Representing the data graphically, it states whether your spending patterns are consistent month over month. By informing you of spending differences, it lets you personally track your purchasing patterns. 
  • Forecasting: A useful NOMI feature, the forecast informs you of an estimated projection for your next seven days. Using historical data, NOMI tells you what you are likely to spend over the next week. It not only includes things such as bill payments but incorporates your regular spending like daily coffees and food purchases.
  • Flagging Issues: Similar to credit card algorithms that track unusual purchases, the algorithm keeps tabs on unusual activity. For instance, if you make two identical payments to the same merchant, it will flag that as a possible issue. This not only increases security but also adds to your ability to observe your spending habits. 

Pause Transfers

Without any time restrictions, NOMI enables you to stop the program at any point. The pause won’t impact the funds already in the savings account, rather it will prevent any NOMI transfers into the account. Since you can access the NOMI Find & Save feature digitally, you can pause and restart the system at any time, even outside of business hours. Simply log into the account to view the existing balance and take action to pause or recommence the algorithmic savings.  

Automatic Savings

The key feature of NOMI Find & Save is automation. It’s all too easy to forget to make a transfer to your savings. Planning to save can be overwhelming, especially when you feel that the funds will be missed. NOMI takes the guesswork out of those projections and handles the transfers for you. It will never save more than $250 per week, and never more than $50 per day. The entire premise is to ensure that the money that you save goes unnoticed in your regular spending.

Covers Bills

Unforeseen circumstances are, by their nature, unexpected. To address the potential issue of insufficient funds in your chequing account, NOMI incorporates a failsafe feature. Though the algorithm is designed to prevent this type of issue, it is not invincible. So, if a payment gets pulled from your chequing and your account is short, NOMI will transfer the difference from your Find & Save account to chequing. It will deal with any potential shortfall of up to $1,000 on an expense, so you don’t incur any fees or extra charges. 

Learn how to create a monthly budget here.

Reasons NOMI Find & Save Account May Move Your Money Out Of Your Account

While it is not necessarily common, NOMI may transfer money out of your savings account, returning it to your chequing account for a single purpose. If there is a pre-authorized debit scheduled on the account, and it does not have sufficient funds, then NOMI will transfer back the difference up to $1,000. However, if your chequing is shy on funds for a point-of-sale purchase, an e-transfer, or a withdrawal, then it will not cover the difference. 

How To Open A NOMI Find & Save

Anyone who is the sole owner of an RBC personal chequing account is eligible for the NOMI Find & Save service. If you don’t already have a bank account through this institution, the first step is to open a personal chequing account. You must also participate in digital banking and have the Royal Bank of Canada app downloaded on your phone. It is available at both the Apple and Google Play stores.

To initiate the service, navigate to the ‘More’ section of the mobile application. Click on NOMI Find & Save and activate the service. If you have just opened an RBC account, then there will be a preliminary three months to determine your spending habits. However, if you already have a history with RBC, then it can commence right away. Using the same route to activation, you can pause and re-initialize the service. 

NOMI Find & Save FAQs

Can I add extra money to my RBC NOMI Find & Save?

Yes, you can make transfers into your NOMI Find & Save account, provided the funds come from eligible savings or chequing accounts. 

Is there a way to skip a month of NOMI Find & Save transfers?

At any point, you can pause the NOMI Find & Save service. You can reactivate the savings at any time as well. To skip a month, simply navigate to the savings feature on the RBC app and toggle the pause button to the on position. Use that same toggle feature to resume savings when you so choose. 

Is the NOMI Find & Save account free?

The NOMI Find & Save account itself comes at no cost, though it does require you to have an account with RBC. This account may come with a monthly fee. 

Do I need to be an RBC client to open a NOMI Find & Save?

Yes, in order to use the NOMI Find & Save service, you must have an eligible account with RBC. This is because NOMI requires informational access to your transaction history in order to determine your spending habits. It uses the information gathered from your RBC account to find savings opportunities where you won’t notice the funds missing. 

Is NOMI Find & Save available on the RBC app?

Yes, NOMI Find & Save is a digital service that is available directly through the RBC app.

Final Notes 

For existing RBC customers, the NOMI Find & Save system offers a wide array of benefits, not the least of which is convenient savings. The savings approach is inherently low risk, with fail-safes in place to ensure there are no missed payments and that you remain in control of your money. Gaining the advantages of NOMI for non-RBC customers is not as easy, since you must first open an account, then use it for at least three months.

In order to accurately determine your transactions, it is better to use your primary account (where you pay bills and make deposits). As a result, if you do not already bank with this institution, it is markedly less convenient to get started. The NOMI service has a lot to offer, but it’s best to weigh those perks against the effort it would take to get started with the savings process. 

Corrina Murdoch has been a dedicated freelance writer and editor for several years. With an academic background in the sciences and a penchant for mathematics, she seeks to provide readers with accurate, reliable information on important topics. Working as a print journalist for several years, Corrina expanded her reach into the digital sphere to help more people gain insight into the realm of finances. When she's not writing, you can find Corrina swimming and spending time with family.

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