Savings Goals -> Money Pots


#1

Howdy,

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?

  1. 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.

  2. Within the Payments section you should be able to allocate which pot each payment should come out of.

  3. 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.

  4. 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.

  5. 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.

  6. 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?


Smart Balance
Outgoings Section
Option to split account into 2
#2

I think thats a great idea :+1:


#3

This x100.


#4

Love the idea @Stephen_Clifford


#5

Nice and well thought through suggestion - thanks @Stephen_Clifford! I will pass this information to the team. :slightly_smiling_face:


#6

Sounds like a plan :+1:


#7

Can’t argue with this.

Very surprisingly Barclays used to have ‘pots’ which you could put money in like this. I’m not going to pretend it was as technical and well thought out as the above, but they did it and abandoned it for no good reason (too expensive to support I expect!)


#8

Just to qualify this though.

Please don’t delay savings goals. This sounds like an evolution of savings goals rather than an alternative and I am really looking forward to using the savings goals!!!


#9

im looking forward to this. I am hopeful that this will be trialed with beta testers when they select beta testers. oh and hopefuly Im a beta tester! :slightly_smiling_face:


#10

Hi @Stephen_Clifford, thanks a lot for your ideas. We want to make the containers of money as flexible as possible so will take on board some of your feedback (much of which aligns with my thinking - have you ever thought of becoming a product manager? :wink: ).


#11

+1 from me. Just installed the app and this was actually the main feature I was looking to find.


#12

And another +1 from me. Savings goals are great, but I need to control my spending more than just saving for x or y (also, if I’m saving for something significant over a long period of time I’d hope to be getting superior interest rates on it too).
Like Carlos I also expected to find this available here and don’t want move over to Starling fully without some kind of way to stop me spending the money for essential bills before they are due :slightly_smiling_face:
I currently manage this with different accounts (Starling has effectively for now replaced my old misc spending account), but it would be superb to not have to juggle money around different accounts and just say “only spend from this pot for payments” (and even more amazing, if probably unrealistic, to be able to specify what payments come from which pot - e.g. My gas, electricity, water and mortgage direct debits should come from my house bills pot, but my standing order to my dog walker should come from my dog pot, etc)


#13

When are we getting pictures for goals in the spending insights, I’ve got quite a few goals set up now with regular contributions and seeing the same icon rather than the picture I’ve used for the goal is rubbish :slightly_frowning_face:


#14

Some nice ideas @Stephen_Clifford, so definitely gets a like. Maybe there could be Savings Goals and Money Pots which work alongside each other, but have slightly different characteristics?


#15

I vote for this. I was just here to add this idea my self. I have been waiting for most of these features my self! I have “monthly pots” now my self where I get paid and my spending money gets transferred to my Starling (DD still go out of old account until pots can be specified for specific DD to leave!) on the 1st of the month and then automatically using the scheduling payments the amounts for that month for that pot is transferred into it (so say £200 into the “Groceries” pot and £100 into “Going Out”…
My account is left with pretty much £0. Every time I spend something I get a notification and it puts me into my overdraft (but really my goals money is used so free!) and I transfer the amount from the correct pot (or pots if it’s say cinema where I got food and so spans two pots etc).
That way I know EXACTLY how much money I have left from my budget for that pot for that month! It’s working AMAZINGLY :slight_smile::innocent: Thank you Starling for it so far!
But there are a few features mentioned above (and a few I will add as separate requests) that would make it perfect!


Goal (sorry money pot 😉) improvements!