Emma Pockets/Pots 🇬🇧

Firstly, roundups. Literally the only reason I have moneybox.

Secondly I do actually quite like the fact that moneybox autoinvests in funds or pensions but it would be cool to see a crypto one.

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Yep, we are going to add this too. :rocket:

I don’t know if this would be impossible or if you are planning something like this already. But once you have pots with interest would you set up the ability to do an automatic withdrawal based on bank balances and a chosen criteria (ie a specific day or if an account is overdrawn)?

Hey @Kieran1 :wave:

This sounds like a cool idea - would you want to set up automatic transfers in and out of pots?

E.g on payday move X into a pot, but then move X out of a pot if the current account balance was below X?

Hi Rebekah and exactly, at the moment I put as much of my wage as possible into chip for the interest and use a free overdraft for my weekly spends, once chip calculates the interest I try to remember to cover the overdraft.

A smart rule to do this would be great and stop me forgetting to move the money, going over the free overdraft limit and getting charged :slight_smile:

Ok awesome, that makes sense!

We just need to finish working on the feature that’ll let you transfer money between your own accounts first :blush:

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Any news about pockets/pots?

We are releasing stock trading first, hopefully, we can deliver this too - we are just having a look at the economics. :slight_smile:

The good thing is that investments uses the same tech for pockets, so we don’t have much to build (like two weeks).

Stock trading definitely is more important.
I am curious to see it.

I’ve recently started using Zopa Smart Saver. I like the Boosted Pots feature. It’s basically notice savings accounts via pots, and as such is more dynamic and user friendly than traditional notice savings accounts. Maybe worth taking a look.

Hargreaves Lansdown has a similar platform. The problem is that the fixed rates can now be beaten elsewhere, so it’s a bit pointless!

I wouldn’t characterise it as similar to HL Active Savings personally.

HL has a savings marketplace within which various banks can provide accounts. The accounts are not “pots” but rather full accounts and they don’t (currently at least) offer notice accounts. They currently offer easy access and fixed term accounts.

Zopa don’t operate a savings marketplace, use the concept of pots to partition money within a single account, and these pots can optionally have notice account terms.

It’s the combination of pots (more flexible and fluid than opening completely new accounts) and the option of notice terms for higher rates that I like. I think this works well for savings that are accumulated into the pot throughout the year (so not suitable for fixed term accounts) and accessed at a predictable time (so you know when you need to give notice). Examples include pots used to save toward annually paid bills or holidays.

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Okay, worst come to worst, we should be able to start building this in September and maybe it will come out in the same month. :slight_smile:

At first, we’ll have unlimited pots and savings goals. We’ll then work to add interest, roundups and any cool feature on top. :slight_smile:

I guess that’s a bit like Hyperjar except they only offer ‘interest’ for partner merchants where money is kept in the jar for a committed period of time. Pots without partner merchants have no interest.

I think I might take a look at the app you’ve mentioned. It sounds good. That’s until Emma comes to play of course :wink:

I am pushing for releasing this end of the month first few weeks of October.

We are going to release Unlimited Pots for free.

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This is how it’s going to look like.

We are going to share the available balance with the Invest feature and this can be used to invest in stocks or transfer money into pots. :slight_smile:

Market leading interest rate?

It will come later, but it will come.

Would you consider implementing a “Bills Pot” type of feature? Personally can’t see myself using it for savings.

This would require to have direct debit support for each individual pot?