So, just going to start a fresh topic on this as something that I’d mentioned within previous topics but might be worth it’s own thread.
I’m going to suggest that actually don’t release ‘Savings Goals’ as you’re currently (from what we can tell) planning. I know you’ve been working hard on them and I think it’s worth it, but with a bit of an extra push, I think these could be even better as ‘Money Pots’ instead.
What’s the difference between a Savings Goal and a Money Pot? Both are, from what I can tell, ideas to be able to ‘silo’ an amount of money in your account for a specific reason (i.e - saving for a holiday etc.). However, a Money Pot would expand the idea so that instead of having that money set aside for a long term goal, instead it would be a way of also helping with monthly budgeting.
So, what would be the main differences?
You’d be able to set which ‘Money Pot’ is your default for receiving money (ie your wages) into. It would be great if you could set this per benefactor - ie. anything from Acme Corp is my salary to go into Money Pot 1, anything from The Bank of Mum and Dad is spending money to get into Money Pot 2 although I suspect that might be difficult to work out.
Within the Payments section you should be able to allocate which pot each payment should come out of.
Money Pots can be shared between accounts. So, if you and your partner both have a Starling Account, you can setup a single pot to be used to pay joint bills. This then also works with being able to allocate payments per pot - so if someone was responsible for the DDI, but the actual money was to come from a joint pot, you’d be able to choose this in the Payments section.
You can set how much should be in a specific Money Point each month. So if you did have a pot for all bills, you’d work out how much that is and then when you get paid, if that was set to be your pot to get your wages paid into, it’ll fill that pot up, then roll over any remaining cash into another pot. It would be even better if this could be worked out automagically by Starling based on the previous months payments taken - with an option to override if you knew there was going to be a difference in any specific month.
There’s been talk of introducing a Credit Card by other users. This could work as another ‘fixed’ pot. So, you’d get the card, this will show up as ‘Credit Card Pot’ with the total amount available set as your credit limit. Then when you pay off the card, this ‘tops up’ this pot.
If Starling introduced a service similar to the ‘monzo.me’ pay cash straight into an account via a link then when you’re setting up the link you’d be able to create a specific URL for that payment for the pot - i.e. the link would be something like 'http://www.starling.me/AccountName/BobsBirthday or /TimandDawnsWedding etc.etc.
That all doesn’t sound a million miles away from Savings Goals and I don’t think any other current account offers anything like this so it’ll be a big differential between Starling and other accounts but would, at least for me, make a huge difference in how I manage my account.
So, @ben.chisell - I think you’re the guy leading Savings Goals, anything in here that makes sense or could be a something worth considering?