Now that we have savings accounts, are vaults still a thing?
It doesn’t make a huge difference unless you have thousands of euros stored in vaults, but it would still be nice if they would generate interest. – You can simply create multiple savings accounts.
Maybe you could make it an option of the vault to invest the money into a fond with a given APY tied to the currency of the vault. – This is obsolete with multiple savings accounts.
Maybe a better question is more about whether vaults are still being used or if it’s a redundant feature having pockets + flexible accounts. I think shared vaults are still a unique feature.
Update:
It’s possible to create multiple flexible accounts per currency. The only options missing on Android seem to be recurring payments and goals.
Of course I could just put all money into the savings account, but I still think vaults are neat if you want to save up for different purposes / events.
In the savings account you have one big pile of money.
Vaults are much more practical because you can create as many as you want and save money for different occasions. That makes it easier to plan ahead and track progress towards a goal.
You can create standing orders and automatically transfer funds from your main account into a vault in an interval. This is not possible with the savings account atm.
Imagine e.g. a Vault for a niece where you can put in 15€ a month until she’s 18 or a vault for saving up for a car or the next big vacation.
I use vaults for a lot of things and I think they are useful, it’s just that they don’t generate interest.
So I start thinking about moving the money to a savings account in order to generate interest. It’s money that’s lying around for years anyway, but then the vaults kind of lose their purpose.
That’s amazing, I thought it was limited to one account per currency. That makes it much more useful.
I’m on Android and I can only rename an account.
I neither seem to be able to set a goal, nor am I able to set recurring payments.
Generally I can only create new recurring payments from within vaults and pockets, but there’s no option to transfer funds to a flexible account.
I would love the ability to create a new recurring payment and be able to choose “internal accounts” as source and target e.g. transfer between: main accounts, flexible accounts, vaults and pockets.
, Thanks for highlighting this. Stay tuned. 