Simple do exactly this in the US. And it’s what I’ve been wanting from a U.K. bank for almost a decade now. I was excited when startups like Atom, Mondo, and Starling were announced. They all made the same promise of what Simple offered, but none of them delivered. So I’m still waiting. Atom still could as they haven’t got into current accounts yet, and their largest investor owns Simple, but I’m not hopeful.
This would do the job, but it’s a lot of friction, and the pots UI just isn’t intuitive enough for this to work well.
This works to an extent, but it’s limited. The algorithm doesn’t do any intelligent predicting, so if things don’t happen exactly as the app thinks it will, it just doesn’t work at all. All it takes is my iTunes subscriptions to be taken a day earlier or later, and the app won’t consider them part of my designated committed spend. If a direct debit is a few days early or late, it’ll be classified in the wrong budget period and so left to spend won’t take into account the next payment. The period options are too limited as we move into a world where more and more household products become available via subscription and are delivered as and when you’ll run out, which can often be more obscure periods than a simple monthly payment. They either need to take a much simpler approach to this, or a more complicated with one with more tools and options for the user to use. I’m hoping the Monzo Plus plan for budgeters will make progress with that, if/when they eventually launch it.