How about for a feature for this, that when you pay by debit card, the transaction is rounded up the nearest whole pounds, with the rounded up amount deposited into the savings pot.
I cannot ‘second’ this enough!
That’s kinda my point. I don’t think I would want it to come out of any pot. Starling’s goal (pardon the pun) is for this feature to replace having a separate savings account at a separate bank.
Halifax wouldn’t take money out of my savings account to cover a failed direct debit so I wouldn’t expect Starling to if it was a true like for like replacement.
You would prefer to go overdrawn or starling reject the payment and a charge (potentially) from the company that would be collecting the payment?
I like that.
I agree with @daniel, its the users responsibility to ensure they have enough in their account balance/remaining overdraft to cover a payment. I would rather the payment fails than to automatically remove it from my savings goal. I want to be the one to decide when I withdraw that money and make it available to spend.
Me too I would rather it come out my planned overdraft than being taken from my “separate” savings pot, the feature is nice but it’s it comes out of your goal pots you may as ll keep it in a separate account so it’s protected. I’m glad I’m not the only one thinking this. I guess testing it next week will see how it actually works
The Savings Goals are all in the same account and is basically ring fenced to prevent you from spending it. However if there is a transaction that takes place that would normally take you into your overdraft, if you had a separate Savings Account, will be covered by your Savings Goal ‘pot’ and that (as far as I can work out) the money will then ‘return’ to the Savings Goal when you come back out of the overdraft.
Yes you can argue that it’s the user’s responsibility to manage that ‘jiggling about’ but to me the whole ethos of Starling is to do things a bit different and make managing finances easier for people, like me, who finds the monthly jiggle session a pain in the backside!
Savings Goals to me seem to me to be for, just like @ben.chisell has shown us previously, an upcoming holiday, weddings, etc rather than for long term savings where a separate account or ISA is probably still the better way to go. Like I said before, see the Savings Goals as a ‘ring fence’ rather than a full Savings Account.
I’m sure that if the Savings Goals isn’t for you that Starling have got some ‘proper’ Saving Account integrations in the works via the Marketplace.
I’m particularly looking forward to being able to make payments directly from the Goal, this is going to be exceptionally useful for my upcoming wedding!
having the choice would be good. in the morning when a DD is coming out you could get a push notification alerting you to being short with a cut off time as to when it needs to be fixed. Then just nip into your app and transfer it over, or transfer from another bank account.
That’s what I’ve been saying on other posts. It exists already, Lloyds call it ‘save the change’ and Lloyds do it very successfully. It’s a great idea and savings stack up surprisingly quickly. I’d love to see this added to Starling.
Yes I would. As other people have mentioned, it’s my responsibility to make sure that I have enough money in my account. I have to do this now by transferring money between current and savings accounts so I would expect this to work in the same way.
@Shaun_Allison I couldn’t agree more. I want to decide what happens to my money. Even if it’s a tickbox to acknowledge that I agree that I might get charged for failed payments. Fintechs like Starling aim to give people more control over their money. I don’t want a new feature to give me less control for the sake of convenience.
That’s true @Chalky but control has to remain a large part of it. As mentioned above, I don’t want to give away control of my money for the sake of having one account instead of two.
I would love to see some savings integrations but I suppose this means having another savings account; which wouldn’t solve the issue of having multiple accounts, I’d just have to move the money from a NatWest savings account to Nutmeg etc.
I think that Starling could build this both ways. Letting users choose whether payments go out of a goal or fail completely would ensure that everyone’s happy and that everyone has full control over their money.
Any joy Ben on when we can have access to this
Hi Shaun, this is correct but with one caveat.
If you did the steps you describe then your balance would be +950 as you say, and the 1000 in the Goal would be 950 from your balance and a further 50 from your overdraft. however because the 50 in your overdraft hasn’t been spent/left your account then you wouldn’t be charged. You would only be charged after you spent the 1000 on the thing you were saving up for.
We have included a set of introduction screens in the app so these kind of scenarios are clear. Feel free to DM me after we launch with any feedback.
Am I allowed to say ‘very very very soon’?
That you are! Alot better than saying ‘soon’ look forward to the update
This makes things a lot clearer! Thanks @ben.chisell!
What would happen if a customer didn’t have an arranged overdraft? Would the payment decline or would an unarranged overdraft come into force?
Thanks for clearing that up @ben.chisell and thanks for all the hard work put in to this feature! Can’t wait to try.
This looks great to me. Having read the blog I’m looking forward to testing this out when the update hits. Nice work Starling devs
Are we any closer…maybe very very very very soon?
Starling’s twitter says its:
Not quite today, but nearly