Have you ever yearned for a way to put away money each month towards something you’ve really wanted. Have an MOT or Service each year that you forget to save for? Big bills that come around annually? Well, there’s a solution. NatWest Savings Goal
Over the past year I’ve been dabbling with NatWest’s new Savings Goals. Firstly, you need is a NatWest savings account. I’ve been a NatWest customer for years. It’s a great way of setting a goal and tracking when you will meet that goal by working out how much you ned to put aside each month.
How it works
You simply input the goal and ti will calculate how much you already have saved as well as how much is left. It will ask you for a target date, which it will use to calculate the payments.
In the example below I chose to save for my car’s MOT and impending cost of repair! I’ve pitched it at £500.
As you will see in this example, I chose to save this money by February next year to allow me time to save and to spread the monthly payments.
You will see now how much I need to save each month to reach my goal.
Secondly. You can set up a regular payment – which works like a standing order.
So that this regular payments comes out automatically each month.
There are a few drawbacks.
Firstly, it’s easy to dip into this savings account, which will set back your target.
Secondly, you have to have the money available and it has to be realistic, or you will not stick to it.
Thirdly, you can only do this on the NatWest App. It would have been great to be able to do this on the full version on the web browser.
Do you have any feedback to share on this new feature? Please use the comments below.