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.
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.
Yep, we are going to add this too.
I donāt 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
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
Ok awesome, that makes sense!
We just need to finish working on the feature thatāll let you transfer money between your own accounts first
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.
The good thing is that investments uses the same tech for pockets, so we donāt have much to build (like two weeks).
Stock trading definitely is more important.
I am curious to see it.
Iāve recently started using Zopa Smart Saver. I like the Boosted Pots feature. Itās 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 itās a bit pointless!
I wouldnāt 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 āpotsā but rather full accounts and they donāt (currently at least) offer notice accounts. They currently offer easy access and fixed term accounts.
Zopa donāt 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.
Itās 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.
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.
At first, weāll have unlimited pots and savings goals. Weāll then work to add interest, roundups and any cool feature on top.
I guess thatās a bit like Hyperjar except they only offer āinterestā 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 youāve mentioned. It sounds good. Thatās until Emma comes to play of course
I am pushing for releasing this end of the month first few weeks of October.
We are going to release Unlimited Pots for free.
This is how itās 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.
Market leading interest rate?
It will come later, but it will come.
Would you consider implementing a āBills Potā type of feature? Personally canāt see myself using it for savings.
This would require to have direct debit support for each individual pot?