Last updated May 31st, 2024

What’s Changing?

Ruby Money will no longer offer tax and retirement savings accounts.

• Any autosave rules you have enabled to set aside funds each time you get paid will be turned off on June 3rd, 2024 and you will no longer be able to add additional funds to your Ruby Money tax or retirement accounts.
• You will be able to withdraw funds from these accounts anytime before June 30th, 2024.
• All tax and retirement accounts opened in the app with Blue Ridge Bank, N.A. will be closed on June 30th, 2024.

Ruby Money will no longer make tax payments to the IRS.

• You will no longer be able to submit quarterly estimated tax payments to the IRS from the app.
• For guidance on how to make payments, please refer to this IRS guide

Why is this happening?

Ruby Money is a technology company not a bank. Our payment features are enabled by our banking partner Blue Ridge Bank, N.A. Due to changes in the regulatory environment, this partnership has ended. Unfortunately, we were not able to find a new partner to enable these features.

What features will remain active?

While our payment features are sunsetting, you can still use our app to track you self-employed finances and calculate how much you will owe in taxes each quarter. Our calculators, tax estimators and book keeping features will remain active. These feature are all part of our free plan.

• Tax Estimates- You can still view your live tax estimate and use this calculator to estimate your quarterly tax bill.
• Income Tracking- monitor your self-employed income in real time.
• Expense Tracking & Write off Finder- Categorize and track eligible business expense write-off’s
• Tax reports- Download expense reports.