- “Telephony” is an example.
That’s for shops that have a direct access to my bank account.
I know how much it must cost me each month as I have a fixed fee for telephony, so I can put enough money on this “account” or “project” at the beginning of the month but if I spend more than expected for some reason, I would love to have pay-error-poppup-please-check-now
It’s same with electricity, water, but also google play, apple store, paypal, ebay and the list grows regularly. If there is a problem with one of these shops, today they can dig my bank account pretty deeply… I would like to have control on that. With the “several account idea”, for example I will create an account dedicated to “smartphone apps”, then I will put €10 on the google play account, and I will know that google play will never take me more than €10 until I put more money on this account again.
- “current car” project (or account) is an example. Usage
This account will be used to pay gas, repair, and everything related to the current car. It’s easy to spend a lot of money on this. I would like to put a fixed amount of money on this every month, say €150, because that’s how much I think it costs me average per month. If I don’t use this money one month, I would like to be still able to spend it later, meaning I can spend 300 the next month.
- “next car” project (or account) is an example. Saving
I save for the next car here, and nothing else. I will put a regular amount of money on this one. On the other hand, if I can put more, once in a while, I would like an easy way to keep track of that. One account listing makes it clear.
- “domotics” project is another example. Investment.
I would like to spend some amount of my money per month on something that will improve my house and make it more valuable when I sell it. So that’s small amounts here and there and I would like to keep track and manage that with a dedicated account for it.
Other projects are usage/saving/investment or mix, I can think about “food”, “fashion”, “photography hobby”, “children hobbies”, “yet another hobby”, “parties”…
Some /projects/ are more like “savings” for a one shot big spend (like the new car). Some others /projects/ are more like “day-to-day use” (like food).
But you know the success of leasing: some people want to know they will spend a fixed amount of money for their car, and no more. They like to know they will spend a fixed amount of money for their phone, and no more. And so on.
To do that today, one would have to open one account into several banks. I don’t. So I spend from one account… but I have no idea about how much my car costs me per month, and I don’t know if my son spent money with games from his android tablet because I was too lazy/occupied to check the bills.
Ps: my examples are not perfect… of course I can avoid my son to spend money, with several other alternatives.
I hope now you get the idea of my idea, I would like to know how much this or that costs me per month (like a leasing), and be quickly and efficiently notified when there is an unexpected spend that I-me-myself didn’t expect.
And it would be nice to have one bank one interface for all these accounts/projects.
That’s a use case.
I can test the feature if Revolut needs testers ^^
I think for each project a virtual card would be good for internet shopping.
For physical card, an option in the app to select the project before buying with the card seems fine (can be done while waiting for the cashier)
For iban, well I would love one Iban per project, at least when the iban can be used to take money from my account. Otherwise I can spread the incoming money where it belongs (if it’s the only one remaining thing I have to review, that will be fine!)
Of course other implementation are possible for my use case. For example, revolut allows to limit spending per card.
As spendings are realtime, we could think to implement a spending limitation per category (let the user select the category in the app before using his physical card), and use categories to simulate those ‘account’… and block the spending when the amount in the category is exhausted.
Of course these features will same my personnal time. Business have dedicated people for that. Not me. So I can pay for that.