New in the app: savings goals

Saving is easier when the money has a purpose. That is the idea behind savings goals, the newest feature in the Lanternvale mobile app, available to everyone with a Lanternvale savings account from this week.

What savings goals do

A savings goal is a named pocket inside your savings account. You decide what it is for, how much you want to save and by when. The app shows your progress as a simple bar and tells you whether you are on track. Your money still earns the rate of your savings account while it sits in the goal.

• Create up to 5 goals at the same time
• Give each goal a name and choose an icon
• Set a target amount and a target date
• Move money in or out at any time

Three ways to fill a goal

You can add money in whatever way fits your routine, and combine them.

• Scheduled transfers: move a fixed amount on payday, every week or every month.
• Round-ups: every card payment is rounded up to the next dinar and the difference goes to your goal.
• One-off top-ups: add a bonus, a gift or leftover money whenever you like.

How to set up your first goal

Open the app and go to the Save tab. Tap New goal, type a name such as Summer trip or Emergency fund, and enter your target amount and date. The app suggests a monthly amount to reach it. Choose how you want to fund the goal, confirm, and you are done.

Designed with customers

We tested savings goals with a group of customers over three months. The most requested features were visible progress, the option to pause a goal during an expensive month and a gentle reminder rather than pressure. All three are included. You can pause any goal with one tap and resume it later.

Ideas for your first goals

Not sure where to start? These are the goals our test group created most often. An emergency fund covering three months of essential bills came first, followed by a summer holiday, school fees for September, a deposit for a new car and Eid gifts for the family. Many customers began with one small, near-term goal to see how it felt, then added a larger long-term goal once the habit had formed.

Private by default

Your goals are visible only to you. If you have a joint account, you can choose whether to share a goal with the other holder. Goal names never appear on statements.

What is next

Later this year we plan to add shared family goals and the option to link a goal to a term deposit, so money you have saved can automatically move to a higher fixed rate once the goal is reached.

Lanternvale Bank and its app are fictional. This article is written for software testing and describes no real application.