I really like the idea of the safety net feature for the savings account, but my bugbear about it is the concept of sticking with one month only.
Here’s my idea: gamify and stagger goals.
The first goal is one month’s savings. Once people have saved one month’s emergency savings, an option pops up to ask them if they want to save up three months. If say yes, save up and reach their goal, then move up to six months.
I also think that the ‘catch up’ feature you’ve used on other savings goals accounts would work well here, so if that people require to use the money for emergencies, they don’t psychology feel like they’re taking a step back in their savings goals but ‘borrowing’ from themselves, to pay back later.
What are people’s thoughts?
