Saving, that’s an old-fashioned concept isn’t it? You know, waiting until you actually have the money to buy something, rather than using someone else’s money now and paying them back with a load of interest over several years.
Well Natwest are embracing this idea of “saving” with a new tool on their online banking website. You might have seen them advertising their new Savings Goals online banking tool on recent TV ads, but what is it?
The tool is only available for Natwest clients who have signed up for online banking (naturally!), and to make full use of it you’ll need one of their savings accounts.
To use it, you decide what it is you’re saving for (such as a deposit for a house, a car etc), decide how much you want to save and by what date, and then work out your savings plan – how much you’ll need to save each month in order to reach your goal.
You can then assign the goal to your savings account (or open a new account), and you can only assign one goal to one account. If it’s a joint account, you can share your goal progress with the other account holder. Natwest will show you how you’re getting on in trying to reach your target each time you login to online banking.
This looks like a very simple tool from Natwest, but I’m not sure it will hold massive value. It’s a tentative step towards personal finance management (PFM) from the bank, whilst other banks, such as Lloyds TSB, are beginning to develop more substantial PFM tools, although their Money Manager is not without its critics.
If you’re a Natwest customer, will you find this feature useful? Let us know in the comments below.