Stash away money in the Safe!
Everyone loves a savvy saver, not least us, but it's always a tough one when you have to prioritise between saving for a rainy day and getting a new pair of sneakers.
Something we baked into the app early on was a special pot for stashing some cash away to make it all a little more painless.
Whereas the Goals feature helps focus saving on specific items like a new pair of roller skates, a mega Lego set or pony lessons, the Safe is for a rainy day or just general under the mattress saving.
We've been playing around recently with how we can make that "stash" tangible. Each time some money is added to the safe, a new green block will automagically appear.
You can also set up Auto-savings. Something that would be pretty handy on our own bank accounts too :). You can set a % of the weekly allowance to go straight into the savings pot without the temptation to put it in any other goals.
Set an Interest Rate
Banks may be BORING when it comes to the interest rate they offer but if you're a PLUS user, you can set an annual interest rate for your kids and play the benevolent banker. So whatever they stash in their Safe will earn them a bit extra. We'll let you know when that happens and you can check to see what the Bank of Mum and Dad is paying out.
If you want to prevent a run on the bank, you can also change the Safe permissions for your kids, allowing them to move pocket money from the Wallet directly into the Safe but prevent them from taking it out. Because everyone knows that sometimes its tempting to get that little thing you wanted....
Keep track of withdrawals
If you have a proper Savings Account or Junior ISA set up, you can keep track of how much money you’ve deposited into those bank accounts. Simply tap “Move to Savings Account” within the Safe. The money will then leave the Safe and enter the Savings Account or Junior ISA and we will keep tabs on how much has been removed so everyone knows what's what.