Goal Savings Account

Those who set Savings Goals are more likely to save faster than those who don't.  (source: NS&I)

goal savings - multiple examples

We are delighted to announce the launch of our new online Goal Savings account!  This account is only available to online and mobile app users.

Our Goal Savings account allows you to set your own personal savings goals, manage your savings directly and track your progress as you meet your financial targets.  To open your account, simply complete the Goal Savings form when logged in online.

How do I get started?

 
Step 1 – Create your First Goal

Your new Goal Savings account will show front and centre with your other account balances to show you your progress so far and help you keep track of your goals in a quick and effective way.

When you are ready, press the (+) button to set your first savings goal!

Check out this guide from Money Helper if you’re unsure where to start.

Goal Savings blank account
Step 2 – Personalise your Goal

Give your goal a name and an image!  

Start by choosing an emoji that represents your Goal 

This image will represent your Goal on your home screen.

Give your new Goal a name

Studies have shown that giving your Goal a name that means something special to you will encourage you to meet your goal faster. 

For example: instead of “Holiday”, perhaps use “Two weeks in Mexico!”

Step 3 – Set your Goal Value

Go big or start small – this is the amount you will be aiming to save. 

If a large goal seems daunting to you, it may help to set multiple smaller ‘milestone’ Goals instead – e.g. one larger Holiday Goal could be split into flights/accommodation and spending money.

Step 4 – How soon will you reach your goal?

Using the slider, you can get an idea of how soon you will reach your goal.  

This part doesn’t affect your Goal in any way, but serves to give you an idea of how soon you can reach your Goal with what you can afford to save.

goal savigns - goal example

And that’s it!

Your new Goal will show on your homepage – the pink circle around it will fill up to show you how close you are to reaching your Goal!

What are my next steps?

mobile app transfer screen

Begin Saving!

To pay into your Goal Savings account, you have to move funds over from your other NLCU savings accounts. This gives you full control of your savings and lets you choose when to add an amount toward your Goals.

Select “Transfer Money” from your accounts or in the menu to request a transfer into your new Goal Savings account. 

Transfers like this will usually be made within 10 minutes, but can take up to 1 working day to process.

Add more Goals!

If you have more than one Goal in mind that you’d like to reach, then you have the option to set up to 10 Goals at a time!  

For example, you can set a Goal for next year’s Holiday as well as putting some funds away for this Christmas, both at the same time.

Simply follow the process above to set up another goal.  You can always close a Goal account that you aren’t using or have finished with as well.

Keep an eye on your progress

The closer you get to reaching your Goal, the more the pink circle will fill up around it – so you can easily see the progress you’ve made so far.

Your Goals will be shown every time you access your NLCU account to remind you of where you are and to keep up the good work!

Ready to withdraw?

Whether you’ve successfully met your Goals or you just need to access some of the funds in advance, you can always request a withdrawal from your Goal Savings account.  Withdrawals are subject to our usual processing times.

Don’t push yourself to meet your goals early.

While it’s important to have savings and to set a Goal to work toward, this shouldn’t get in the way of your personal circumstances.

Cutting back on non-essentials is a good way to save but don’t let this affect your quality of living too much. If you’ve done a good job saving so far – why not treat yourself a bit? 

We’re all only capable of saving so much at a time – if you are struggling to stick to your savings plan, don’t be afraid to review your approach or withdraw some of the funds, if needed.

If you’re having trouble with anything mentioned above, be sure to get an idea of your budget so as not to be unrealistic with your savings, or request independent financial advice, if relevant.

Have you met your goal?

Congratulations! You can choose to withdraw the funds as soon as you like or leave them for a later date. 

You can always close a Goal account that you have completed as well – or simply leave it running for next time around!

Is interest paid on this account?

Our Goal Savings accounts also benefit from our Annual Dividend. This is dependent on the trading performance of the Credit Union and is subject to members approval at our AGM.