Locked Goals- better interest rates?


Besides wanting to have specific DDs, SOs and payments coming from specific goals (e.g. a Car goal where my DDs for insurance and a payment for my MOT can be made), I would love to see a “locked” goal from Starling.

The idea here would be that a locked goal would attract a better rate of interest. Say, Im not looking for buying a car for at least a year. Could I set up a locked goal where I squirrel the money away for 12 months and get a better return?


Nice idea.


Like this idea a lot.


I was just thinking of this exact idea.

Essentially, it makes for a proper savings account product without actually needing a separate account. There’s a couple of options that could be given for different ways of locking money away - the traditional notice period (e.g., give 30/60/90/whatever days notice to make a withdrawal) or setting a specific lock date.

Then based on how long the money is committed could influence a scale of interest rates. Hypothetical example: lock it for 30 days, get 1%; 90 days, 1.5%; six months, get 2% etc. However, if this were to happen, to be properly competitive with traditional savings accounts, I’d suggest rates would have to change in line with the Bank of England Base Rate.


I really like this idea. Removes temptation to spend it and really focus on that goal more. Also a higher reward for not touching it is always welcomed! :grin: