Virtual Saving Pots

I was just wondering if Virtual Saving pots is something that Emma is looking at. I have different saving accounts. I would love to have 1 savings account and Emma swallow me to have separate pots and targets.

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We were thinking to build a feature, similar to what Tink has, to let people track specific goals per savings account.

Is this what you were thinking?

The only limit here is that you can create 1 goal per account.

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Yes, Other than one goal per account. I would like one account with multiple goals.

This would be a bit more difficult since you can track progress if you split the balance in x number of goals. :slight_smile:

How long would it take to develop goals within Emma?

Might be worth only introducing it for “Savings” accounts as the others would be difficult/impossible to set.

Less than a week and we were about to do it in February as a new card in the feed, but we kinda slowed down our plans. :slight_smile:

Goals would be great on Savings Accounts. I currently have different savings accounts for different reasons, i.e. Holiday, New Car, Etc.

This means that I am spreading my money between seperate savings accounts. I came across the following on Stirlings website when looking for a current account

" Goals helps you save for the things you really want

It’s your digital change jar - just send the amount you’d like to save over to your Goal, whenever you’d like, and easily transfer it back to your everyday spending if you need it.

Visualise your objectives by adding your own unique image – and we’ll even send you notifications to help you stay on track"

This type of feature would be great.

Yes, we want to introduce something in the space to start thinking in months, years and plan ahead; so this is defo coming. :wink:

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Maybe a percentage split of the balance across goals would work, or manual allocation to goals

Or maybe, we just build them physically. :stuck_out_tongue:

I suspect I would quite like virtual savings pots/views if they allowed me to accomplish the following:

  1. Attribute multiple savings accounts to a single goal (e.g. perhaps I am using 3 regular savers accounts to save for a single item/goal).

  2. Partition a particular savings account into multiple goals (e.g. perhaps I am using a single easy access savings account to save for 3 separate goals).

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I would also love to be able to tell Emma the terms for my regular savings accounts, so that Emma can tell me/predict how much I’ll have next month, in six months etc and when they will mature.

Predictions for interest - amounts and when paid - would also be great. Though this might involve scraping some of the data from bank account descriptions…

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This stuff is cool, but super tough to implement in an easy/comprehensible way.

The best way would be to have an e-wallet to do what chip/monzo/starling do.

Problem with multiple pots/accounts at a single bank (Monzo, Starling or whoever) is you are limited to the interest rates provided by that bank.

Spreading savings across multiple institutions can allow you to achieve a higher overall rate (the accounts with the best interest rates tend to limit the maximum amount you can save, hence the need to spread across institutions if you are chasing rates). This is where I think higher level coordinator of the savings goals might be handy (a role that Emma could potentially play). But yes, I can appreciate it would be tricky to implement and probably somewhat niche. At the moment I just use a spreadsheet to remind myself what everything is for, which to be honest works well enough for me.

My problem with Chip and other ewallets is no FSCS protection. This limits the amount of money I would personally be willing to save with them.

Another thing Emma could potentially do in relation to rates/interest awareness is alert you if you could achieve a better interest rate elsewhere. Something similar to Savings Champion, but with Savings Champion you have to enter and update your accounts manually

This would be cool - and add real value to Emma.

Maybe just being able to group accounts and get a subtotal for each group would be a start.

It would be helpful in lots of other ways too…

Totally agree, but that starts to become classified as “financial advice”, so it requires some extra work with the FCA. :slight_smile:

Re-energising an old thread, rather than starting new.

At the moment, my savings are all added manually as they are with Marcus. Instead of adding this as one manual account, I have actually added it as three separate ones (long term, holiday, house) - holiday and house are defined amounts, LT is the balance. eg £155 in the account, allocated £100 holiday, £50 house, £5 LT. When I get some interest (to £157, say) the fixed £100 and £50 stay unchanged and the unallocated bit goes into my LT ‘pot’

I actually find this more useful than if you added Marcus as a connection as I would lose the granularity. If you added the connection, I may well decide not to actually connect it to maintain my multi-pot view - balance doesn’t change that often and doesn’t need to be overly precise.

A long-winded way of saying it would be nice to be able to subdivide parts of a savings account for planning purposes. I think the HSBC connected app does this, but I don’t have an account to test it with!

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I heard last week Marcus is actually considering a ‘pot system of their own.

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