Time restricted goals


#1

I saw this alluded to in a thread somewhere but can’t find it now.

It would be great if you could specify a time delay on certain goals. For instance I have a penny pot goal and it would be great if I could put a 3 day lock on it so that I have to give myself 3 days notice to move the money out

As someone who hasn’t always been good at managing money it gives me the ability to save funds and a small level of control over my occasional lack of self control


#2

With an improved interest rate for that particular pot.


#3

What about… the longer the lock the better the interest rate?


#4

What happens if you put on a lock on by mistake, not sure customer services are going to like being hassled about removing locks on accounts.


#5

Lock-in for x days
This is probably doable. You request to transfer money out of a Goal and it automagically gets transferred x number of days later.

Different interest rates?
Can you imagine the complexity of the programming that would have to go on here? To calculate different interest rates over different periods, all within one single account (remember: goals are just ringfenced balances within your one bank account), while trying to be transparent and able to demonstrate accuracy of interest calculations in case of a customer query. It just ain’t gonna happen!


#6

all it needs is a big two step warning that says “Are you sure, this is an irreversible lock?”

having to confirm at least once means the only people who will be asking for lock removal are the ones who did it but have changed their mind


#7

Personally I don’t see the point to it, and its just creating an extra step.

If you want to not have access to your money, use a different account and cut up your card, or a notice account with substantially more interest than Starling.

If people are using 0.5% for saving and locking that money, its really something they need to be changing anyway.


#8

I can see where you’re coming from.

I was thinking less about the interest rates anyway and more about Starlings aims of helping people be able to be more financially responsible. Not everyone would need it but it would something that I would imagine isn’t hard to create and a differentiates them from the competition