A pay day nudge alerts you to a receipt into your external current account over an amount specified by you (e.g. alert me if my current account receives an amount over £1,500).
These are good for people that want to save as soon as they get paid, especially if they want to save a certain percentage of their pay (or fixed amount).
To set up a pay day nudge you need to link your current account to the Marygold app, so that we can access your transaction. All you need to do is:
- Specify the trigger amount, which if exceeded by an inbound flow into your current account, will trigger a notification. For example, if you know you get paid £3,000 per month, you might set the trigger amount to be £2,500.
- Decide whether you want to be nudged to save a fixed amount, or a percentage of the inbound amount. Then set the fixed or percentage amount.
- Decide whether you want the amount to be saved to go to one Marygold money pool (e.g. General Savings), or split between multiple money pools you have created for different saving goals (e.g. £100 to 'Holiday', £200 to 'House Deposit', or 20% to 'Car' and 80% to 'Uni fees').
Thats it!
When you receive a notification it will contain all the information you need to make a decision as to whether you want to proceed or not (e.g. balance, suggested amount to save, etc). When each notification is generated, you have the ability to:
- Click 'pay now' and move the money as suggested. Your bank app will open, with the appropriate payment details complete, for you to simply review and authorise.
- Click 'edit'. This will open the Marygold app and allow you to change the transfer instructions for this time only (you can change the amount and/or destination accounts), then take you on to your bank app for a second review and authorisation.
- Click 'ignore'. Which simply means you want to skip the saving this time, but receive future notifications.
It takes seconds to receive the notification and make transfer the money, if that is what you choose to do. You are always in complete control.