Regular savings accounts


Hi I’m not sure if this has been brought up but might be an idea to help customer’s with savings goals.

Traditional banks allow you generally to have one regular savings account. I think it would be a good idea to be able to have multiple regular savings accounts where you can lock your savings into the account and link them to personal savings goals which can be set how you like. For instance Christmas isn’t too far away so you could have a present fund running alongside a new car fund at the same time and not being able to access the money unless absolutely necessary. Also regular savings accounts have higher interest rates that normal savings accounts so you would be helping your customers achieve their saving goals sooner.


Hi @Kyle_Duggan, in addition to creating a Goal (for a car perhaps), what is it you’re looking for exactly? Money within your Goals is already kept separate from your balance and so helps you keep it safe, unless it’s absolutely necessary to use some of it. Additionally, you can schedule money to be added to your Goal every month or every week, helping you save on a more regular basis.


Looking more at the locked in savings part. Even though savings are kept separate it will still be tempting to access savings just to spend unless your more disciplined with personal finances. E.g my first child is due to be born in 8 weeks. Regular savings that are locked in are helping me save for my baby’s future where as I would ordinarily be tempted just to spend the funds if I could access them.


Saving for baby’s future then I think a junior ISA is what you should look into. Hoping as Starling gets bigger they will add high rate savings accounts and ISA’s all linked in with the app. Probably a long way off yet but I’d love to see that happen


I get exactly what you mean. Tried my best to save this month but ended up using my entire savings fund as I knew it was there to dip into. Sadly, I don’t think there are any features they can add to deter our own indulgence. However, budgeting functionality may help to curb spending, reducing habits and encouraging saving. It’s not the inability to lock funds away that keeps us from saving, but our own indiscipline sadly. I’ve been working on it in the past few months and I’m getting better. Contributing to this forum has helped massively as I’m not constantly thinking of ways to save, as well as ways to avoid spending.


There is actually a simple solution, give you an option when you create a goal, to make it a notice goal. For example you need to wait 7 days to withdraw from it or more, a bit like notice savings accounts from other banks, and if you withdraw early you lose the interest, losing money often discourages people from accessing something.


It must must be noted some regular savers also require you to put in a certain amount every month for a set time for high interest. So any long term “goals” could have a required standing order.


Currently I’d say Starling is not the bank for savings, regular or otherwise, as it is a very poor interest rate for anything other than small short term savings.


If you had an ‘marketplace’ provider, who could tie into goals to provide goals with increased interest rates - I think that would be a good idea.


This would make sense. Whether Starling will also offer a higher interest savings product themselves is to been seen.


It’s not a great rate of interest, but it’s a lot more than you get from other fee-free current accounts.


Agree, but I was referring to the ‘goals’ element which is effectively a saving account and then 0.5/0.25% is very poor, no one should keep much in their goals.


Currently Paragon offer easy access accounts - fully online - and though Atom offer competitive rates, you lock your funds in.


Open an RCI Bank savings account :slight_smile:

1 year: 1.66% AER gross
2 year: 1.91% AER gross
3 year: 2.31% AER gross


Very good idea :wink:


He’s always on message…


Pretty good rates, I don’t hold a lot in cash personally as by the time I pay tax on the interest it’s better elsewhere.


No worries @Andrew_Buckland


Fingers crossed for a rate increase on Thursday :crossed_fingers:


There are much better rates out there. Masthaven, Paragon etc all offer better rates.

When saving I find if you go for the bigger unknown banks you always get better rates.