A new phone, a tropical vacation, or a nice guitar. We all have something in our lives that we’re saving money towards buying. Now FriMi is introducing a new feature called Bucket Lists to the app that aims to make it easier for you to achieve these goals. Since its inception, FriMi being a digital bank has operated with the vision of making it easier for you to save and spend money. It recently introduced a new feature that allows you to round up your savings so you can save while spending. With the new Bucket Lists feature, the app aims to take things a step further.
So how does it work? The feature works similarly to the savings pot feature on the app. This feature allowed users to create three additional savings accounts within the app to save and manage their money amongst their priorities conveniently. With the bucket lists feature on FriMi, you get a temporary additional savings account towards saving money for a specific goal. Each of these goals has a target amount and date. This is where they differ from the existing savings pot feature.
Further, at any given time, you can have multiple bucket lists as per your desires. All you have to do is enter a target amount and date, make an initial deposit, and set an instalment date. The app will then calculate and deduct the monthly instalment on the set date accordingly. In other words, it works akin to an investment plan for you.
Once you’ve added a bucket list, a new savings account will be created for you. On the pre-set date, the instalment amount is transferred from your FriMi account to the Bucket List. Much like other savings accounts, you will be able to earn interest on your Bucket Lists as well. The instalment amount will be the standard FriMi savings pot interest rates, calculated daily and credited monthly.
You also have the option to connect your accounts from other banks outside FriMi as the source account from which the instalments will be added towards the goal every month automatically. Thereby, removing the hassle of creating standing instructions from other bank accounts and giving you greater flexibility of your money as you work towards your savings goals. If your balance is low, you’ll receive a reminder, and the amount will be recovered after you deposit the cash into your FriMi account or your other bank accounts connected to your bucket list.
With the introduction of Bucket Lists, FriMi offers a handy and simple way towards saving for your goals. Let’s assume you’re saving up for a trip, new phone, car, or a guitar. With your typical savings account, it’s next to impossible to set aside money specifically for your goals. Maybe you can write down the specific deposits in a notebook. Otherwise, you can keep the money at home. These approaches are inconvenient. But with the Bucket List feature, FriMi brings a convenient way to seamlessly put aside the money in your account directly towards your goal. By extension, the app offers you more significant levels of control over your cash.
Over the past year, FriMi’s popularity saw the app process over LKR 5 billion worth of transactions. During the lockdowns, many of us saw the benefits of digital banking as the limitations of traditional approaches were made clear. Since its inception, a constant trait of FriMi has been to leverage technology to offer the full benefits of digital banking to its users and make banking as a whole more convenient. With the Bucket List feature’s introduction, FriMi has taken even greater strides towards this vision as a fully digital bank. Download FriMi by clicking here.