Do you want to guess what low balance alerts do? Yep, that's right, they alert you if the balance on your external account(s) dips below a level you specify. They can be really helpful if you get penalised with high overdraft fees on you current accounts, by helping you avoid getting overdrawn in the first place.
However, there are a few extra things to be aware of with these nudges that may not be immediately obvious:
- You can create alerts against multiple external current accounts, so low balance alerts can help you monitor external bank current accounts you use less frequently
- You specify what you think is 'low'. What is low for someone, might be high for someone else. Do what makes sense for you.
- You can specify multiple alerts against the same external account. For example, you might want an 'early warning' if a particular current accounts dips below £500, but another more urgent warning if it dips below £100. It is totally up to you.
You can create as many low balance alerts as you wish, but in order for them to work you must link each external bank account with the Marygold app.
Please note, these nudges only alert you to the fact that your current account balance has dipped below a level you have specified. It does not try to predict, nor look at, any possible future inbound our outbound payments into your current accounts.
When each notification is generated, you have the ability to:
- Click 'Move Funds'. This will open the Marygold app and allow you to set up a balance transfer to the impacted account, from an account of your choice. 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.