Option to split account into 2


#1

This is a pretty cool thing I think anyway, why not have our starling accounts but in 2 parts so you have 1 part for all commitments (direct debits, standing orders etc) and then the rest can be transferred to our spending account so you know every month the important stuff is done and paid for, if you could ring fence a set amount what we put in say £600 to cover the costs, we would input our spending to the app say £200 for rent, £100 tax etc and then it will give us a total we need to put in, and the remainder is free to spend? Anyone think that’s a good idea? It’s always nice to know that everything is paid for, and then spending won’t be such a guilty thing :wink:


#2

This sounds quite similar to the Money Pots idea mentioned here…


#3

It does indeed sound similar to the Money Pots idea. I’ve noted your feedback! :slight_smile:


#5

Might be a bit too late, but I think “Money Pots” is the way “Goals” should have been implemented (although the team might have big plans to improve “Goals” in the short term).

“Goals” are sort of half-way there:

  • The name/concept is a bit too restrictive. I may not have a goal per se, but I still want to ring-fence my money into categories (“Traveling”, “Electronics”, “Self-improvement” for example) that I can dip into as needed when I have enough money in the the category that applies. Of course, in some cases I do actually have a specific goal, and the feature should cater to all of these use-cases
  • Whilst ring-fencing is extremely useful, I think these categories/pots should have more functionality. For instance, mapping individual direct debits/standing orders to categories/pots makes perfect sense. Even if not on a per-direct debit basis (not sure if this is possible), at least the user should be able to pick what category should be used for all external scheduled payments
  • Similarly, the user should be able to link the card with a specific category/pot. “Balance” should also be linkable to a specific pot, or perhaps allow for multiple balances to be shown on the main screen.
  • It should be possible to move Money across pots/categories. This is not possible today with Goals as far as I know.

Again, Goals is an interesting idea, but I think it could be generalised to be something more flexible and useful. I feel tempted to move away from my current combination of regular bank + “the other popular UK fintech”, however because of Starling Bank app’s inability to separate day-to-day expenses from fixed/scheduled expenses I can’t quite ditch my regular bank account.


#6

It’s never too late for feedback, @Mario. Thank you for this! ^^

See this response in the iOS Goals thread… Goals may change as we iterate the feature :slight_smile:


#7

Agreed!
:+1:

It does, however, allow me to ringfence money in a way that First Direct doesn’t and without me having to open dozens of savings accounts for different purposes.


#8

Hi Mario. You are spot on. Goals the way you see it now is version 1 and seems restrictive in many ways. We’ve actually designed out a much more feature rich version but we are having to do development in stages. We start with a bare bones version and build from there. So as time goes by you will see Goals evolve into something more powerful and useful and probably drop the name also.


#9

Making it an iterative process makes perfect sense, it’s great to know that Goals is still being worked on! :slight_smile:


#10

Hi @Steven, just to piggyback on your comment and raise something I’ve just posted about in another thread… Are dedicated Direct Debit Goals (or other name!) something that’s being worked on? Is that something that might be released in the near future?


#11

Hi Jesper. Yeah we are looking at beefing up the features to allow users more flexibility with how they use goals. This is such an exciting feature and we are literally on day one with this. I hope you stick with it and see how it progresses. Your feed back is always welcome.


#12

What I’d like to see eventually is something similar but with a lot more logic that is customer programmable.

The way banking currently works, you have Direct Debits and Standing Orders.

The problem with Direct Debits: you don’t know what day they’ll come out (10 days notice of date changes, could come out up to 3 days after the date you think it should), or how much it will be (amount can change).

The problem with Standing Orders: you don’t know if the money you hope will reach your account to pay them has arrived before payment is attempted.

One of my use cases for the API will be better automation of my finances. I probably spend 6 hours a month moving money around because I don’t trust standing orders. I assume this is how the logic for standing orders is programmed at the banks:

if (funds > standingOrder.amount) {
	Pay(standingOrder);
} else {
	DoNothingAndChargeBigFee();
	TellCustomerWeDidNothingAndChargeBigFee();
}

It would take a lot more programming to make something akin to the Scratch programming UI available within a banking app, than it would to do it through the API, but having IFTTT-esque automation (event-driven banking?) would be a huge change to banking.

For example, at the moment I put an estimate of my phone bill away each month, and am planning to hook into my mail server so I can automatically adjust how much I put away for that Direct Debit based on the invoice e-mail. Likewise I’ll have my app send me push notifications when my credit card statements are generated, with my app asking me to input how much is due and if the DD date has changed.

Programmable banking could be even more powerful than what I am planning. For example, prevent card being used for not-present transactions, but allow exemptions for card mandates A and B if they occur between the 15th and 17th of the month and are for £19.99 and £5.99 respectively.

There are some obvious pitfalls with scripting banking, such as “the customer forgot a semi-colon”.


#13

I definitely think the iterative changes to Goals is the right way to go. It allows users to provide constructive feedback on the varying parts as they are released which will help shape the improvements that are already in the pipeline and maybe give Starling some extra ideas that they haven’t already thought of.

It helps Starling know that they are definitely going in the right direction, which with Goals, they certainly are!