Banking startup Simple has updated its iPhone app today with its popular ‘Goals’ feature, giving users an easier way to manage their savings and budget for regular expenses while on the move.
Goals is already available from the browser and helps consumers save with very little fuss or regular input on their part. It’s a rather simple process – users simply specify how much they would like to save, along with a desired deadline and Simple automatically allocates the necessary amount of money on a regular basis.
The tool can be customized so that a very small sum of money is moved each day, or so that transfers only occur on pay-day or another specific time of the month. It’s worth noting that the money never actually leaves the users’ account. Simple sets it aside as a separate balance, but it’s still there for the user to dip-into should they need it.
Simple does all of the heavy-lifting here, using a feature called ‘Safe-to-Spend’ which automatically subtracts the amounts moved in accordance with the users’ various goals. It’s deceptively simple and give users an accurate look at how much they can really afford to spend.
“Together, Safe-to-Spend and Goals give you an easy but powerful way to organize your finances and encourage saving you might not be able to do otherwise,” Simple said on its blog today.
The execution of Goals in the iOS app includes almost all of the functionality found in the browser, enabling users to transfer funds between their Goals and ‘Safe-to-Spend’ accounts at any time.
The story so far
Simple started life as BankSimple, before rebranding in November 2011. The company doesn’t replace users’ existing banks, but rather compliments them with additional – and arguably far superior – services for managing accounts and payments.
TNW previewed Simple back in August 2012, commending the service for its “refreshingly minimal design”. The company had already launched a rather beautiful iOS app at that point, but followed up with an update in November that enables users to take a picture of a check and deposit it in their Simple account.
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