So this is totally out of the box thinking but something that I’ve always thought was a no brainier with regular transfers has been an option to transfer a 1/4 or some ratio of our income via a regular transfer into our spending account.
I feel this would be ideal if just like the savings goals sections we have an income holdings section that we can set up rules to regularly transfer money into our spending / visible account.
If starling really wants to help us get in control of our finances then budgeting is a huge part of this and this has always been something I thought would make a difference.
I invisage the ability to set these ratioed transfers in combination with rules as I would want to set rules that you could order the actions to take place and allow them to run or not depending upon situations.
Income £1500pm into income holding sections
Rules run when income event triggered:
- Move £200 into savings goals
- Hold set amount to cover direct debits (ideally these direct debits would come out of this holdings section that wouldn’t show in our general balance )
- Move 1/4 of remaining income each week until next month into general account balance for spending.
I’d love other people’s ideas on this and how we’d see something like this in a real world solution. I really think it would be a total game changer for starling to truely help it’s custoemrs gain financial control