Simple -> Envel 2.0

Hi friends,

Huge thanks to all who have commented on the Simple → Envel thread…it’s been by far our most popular thread on here!

In the spirit of spring, I figured it was time to start a new thread. Additionally, keep in mind that we are working on these updates for Envel 2.0, which should roll out sometime in April: Envel update - #19 by Diederik

With this in mind…what other suggestions and feedback do you have as we aim to build the best Simple replacement possible? What else would you like to see? What are you going to miss from Simple? What Envel features do you like, and what further improvements could we make!

These are just some guiding questions…this is ultimately an open forum for you, so feel free to voice whatever opinions you would like. Looking forward to chatting with you!

Also, if you haven’t already, vote here on our top requested features, and which you would like to see us prioritize: Envel's Top Feature Requests: Which is a priority for you? - #5 by jacqueline

Cheers,
Jacqui + the Envel Team

I was working with my goals this morning and noticed a few small things that are different from Simple.

At Simple, if I spent more than my “Safe to Spend” amount it would borrow from my unprotected goals to cover it. In the app, it would tell me how much I’ve spent beyond the safe to spend limit and it would put the money back as soon as I made a deposit. When viewing the goal before making a deposit, there was a tick mark where I needed to be to stay on track and the progress bar was behind it showing me how far behind I was.

The same thing worked in reverse. If I added extra to a goal putting me ahead of schedule, the progress bar would move out ahead of the tick mark allowing me to see I was ahead of schedule.

When viewing a goal Simple had a button allowing you to pause the goal. Sometimes, I would pause low priority goals or goals that were ahead of schedule. This was a nice feature.

Thanks and keep up the great work!

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Hey Jon,

Thank you for providing this additional detail! I love the idea of protected vs. unprotected goals. Currently for Envel 2.0 with the sub accounts, if you don’t have sufficient funds in Bills, the plan is to pull money from Cash envelope, and then your Emergency Fund or Groceries if necessary. Hopefully you will find this helpful!

However, like I mentioned I love the idea of protected vs. unprotected goals. Where would you ideally have your funds pulled from if you don’t have sufficient funds in Bills, for example? Currently all of our Goals are ‘Protected’ (they NEVER get pulled from unless you specifically make the transfer), and these Goals are funded from your Vault. But would love to get your thoughts if you think there’s an alternate process we should be using!

Cheers,
Jacqui

I think the subaccounts are effectively going to be “unprotected goals” - unprotected goals were linked to the main debit card account and protected goals were not, which I believe is the same way you plan on implementing the subaccounts.

I think an equivalent feature to what obscura was mentioning would be:

If you spent $100 more money than what you had in the Cash envelope to cover a purchase and the $100 was pulled from the Bills subaccount to cover the amount, a permanent banner would appear saying “You’ve spent $100 more than your Cash Envelope balance”. At that point you can look at the whole envelope breakdown (including the subaccounts) and see that the bills subaccount is now $100 short. This feature was really nice because you knew you were in the “negative” instead of just at $0 in cash. When the account is refunded the amount taken from the subaccounts is replenished first, then the rest is allocated to the cash envelope.

The downside to this was it required a lot of customer education - people would often be confused if they were over drafted or not, where the money came from or went, etc. until they learned the system. They made a nice splash screen though, I’ll attach it here for reference

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I agree with Jon here on the ability to pause goals. It’s helpful in my Simple account to be able to put a goal on pause especially if there are unexpected expenses that come up and I need to be careful with money. Would help in prioritizing which goals depending on financial needs at the time.

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I feel like I’ve said it a million times :grinning_face_with_smiling_eyes: but I liked the small things:

Built in tip calculator in the notification. (Your bill is $25 a 20% tip would be $5) I think simple allowed you to hold down the notification and change the tip percentage but I never tried that.

They had rules

I love the round up rule for instance. Round your transaction up and when that round up builds up to $5 it moved it to your savings. I think I’ve put over $300 into my savings just from that rule.

The big feature I need and the main thing I’m looking for in a replacement is the expenses (which I know you said you guys are working on your own version) I just love setting up what bills I have and then letting simple move each paycheck around. I get paid twice a month so if my rent is 1200 on the first paycheck it would put $600 in then the second paycheck it would the other 600 in and it based it off of when the bill is due. I know there are third party apps that do this but I loved having it within my banking app. Right now I can’t find any other neo bank that does this well.

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I am slowly getting into this app so I am new here lol…

A couple of things which I assume are on the roadmap, check deposits, virtual debit cards for envelopes etc… At first we are going to use this as a spending service and see how it works, I assume as we progress and move bills into the picture already using privacy I can link my cards to the different envelopes, along with using the ACH information for each for bills that use that?

I noticed on PayPal when I tried to link to Envel it asked me if I wanted to login to NBKC which might be confusing for some as we don’t have logins for this as far as I can tell.

I see you have a Gas envelope, does that mean you have a system to avoid $125 authorizations? I haven’t had that issue with my current bank but I seen a lot of posts about it regarding the other two fintech banks. It would be nice if you could put $25 in Gas and the pump would just stop at $25.

Another suggestion, allow us to share Autonomous Envelopes, at least I don’t see the option to currently. Then AI could work through both accounts to divvy up the monies into those envelopes.

Last but not least, I think this one would be pretty cool if you could impose permissions on shared envelopes… Each user would be assigned a role like below -

A) Full, as it is now.
B) Limited, autonomous deposit or transfer TO envelope only, cannot see ACH or vDebit information. (For collecting money from friends/family/kids/roommate rent).

A third option for party spend has no ACH or vDebit capabilities. If this is turned on, everyone is assigned this role even the owner. Except, the owner can turn it off for everyone.

C) Group vote, when someone tries to transfer OUT or assign their debit card to this account, all parties must allow it. This could be like an emergency fund for couples, a goal fund or for teen spending.

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expenses are the biggest thing for me - the ability to set a bill amount and forget about it is wonderful. I liked the ability for it to auto classify itself when it came through so it knew to pull from that expense vs my safe to spend. One issue I ran into that I was hoping Envel would help solve but now I think might not, was when I would overspend my safe to spend amount and dip into my expenses; I really liked that the bills was a separate account so I couldn’t accidentally dip into my money for bills. It sounds like the new set up will do away with the bills being envelope being a separate account. I’ve deleted all of my expenses otherwise I’d show a screen shot of what that looked like - hopefully someone else can show yall if you haven’t seen it yet.

I also liked the ability to categorize any purchase and the simplicity of how transactions were displayed. I find it cumbersome to figure out transactions how Envel is currently set up.

Joint accounts were another big perk of simple and the ability to send money quickly to that shared account or to my husband’s individual account.

The round up feature, as someone has mentioned, was also a neat feature that I hope y’all can incorporate at some point.

Having interest savings; Simple’s rate has plummeted over the last year, but at one point is seemed to be on the higher end. One has 3% on an auto save pocket for direct deposits, which is appealing.

I’ve been with Simple since 2014 so I’m used to waiting for features and watching companies evolve. Just, please, don’t follow in their footsteps and sell to a big bank; that’s when it went downhill.

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I’d also add, while not a Simple feature, having virtual debit card for bills would be clutch, especially if keep bills envelope separate from cash envelope.

Edit: words

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Ya I was one of the firsts at simple too so I remember when it wasn’t even worth using. Lol. I like the envel is open with their dev process so we can see where the product will potentially go. A dev roadmap would be pretty cool to see.

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Hey Billy,

Unfortunately there is only so much we are able to share without given away our company secrets. However, stay posted next week for a new series of monthly feature updates we will be announcing!

Also, if you have questions about specific features I can do my best to answer!

Best,
Jacqui

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Hey Cait,

Thank you! Were you able to vote in our poll? Virtual debit cards is definitely a top request, and I will add your vote to our tally if you weren’t able to vote in the poll!

Best,
Jacqui

Hey Cait,

Thank you so much for your feedback! Based on the many Simple users we’ve heard from, Simple’s Expenses feature seems to be by far the most popular. Multiple folks have actually already shared screenshots of what this looked like, and the UI/UX looks amazing! You not only get to visualize all your expenses in one place, but you have assurance that all of your Bills will be paid. So this is definitely part of our long term plan, and I will continue to prioritize to our product team given all the rave reviews we keep hearing about Simple’s Expenses!

In regards to joint account and categorizing purchases, some features we are currently working on for Envel 2.0 are transaction tagging and increased joint account functionalities. More information below, but I would love to get your thoughts on these updates once we implement them and whether they live up to your expectations.

The round up and interest savings features are also on our list, and I will add your votes as these features were not included in our polls.

All the best, and thank you again for your extensive feedback!
Jacqui

Simple had the ability to make instant transfers to other people who banked at Simple. My wife and I used this all the time.

  • Do the shared envelopes transfer instantly if the owner and friend are both using Envel accounts?

  • If not, is there a way for instant transfers between two people who both bank at Envel?

Hey @amaress ,

Thank you for sharing! That’s actually super interesting, I can see it being useful but I can also see people being reluctant to put in time or effort to figure it out. I do like the idea of giving the user awareness about where their funds are being pulled from. I believe that the dev team will try to clarify in-app once the sub accounts roll out (e.g. if you don’t have enough in Bills we will take from your Emergency fund), but I will definitely bring this up with them!

You are correct: sub accounts will serve as the equivalent to “unprotected goals”, to avoid transactions being declined. However, the Goals feature will still be separate from the sub accounts, and thus your Envel Goals will continue to be ‘Protected Goals,’ as they are now. Let me know if you think this setup will be an improvement, or if you can think of other alternatives!

Best,
Jacqui

Hey Jon,

Yes! Peer to peer transfers are instant between two users with Envel accounts.

Best,
Jacqui

Hey David,

Thank you for seconding @Obscura 's suggestion! I know that all users to customize goal funding schedules is something our product team is considering, and I feel like the ability to pause goals is something that could be incorporated simultaneously. I will make a note of this, and convey to the dev team at our weekly meetings!

Best,
Jacqui

Hey Billy,

Thank you! Don’t worry about repeating suggestions, it’s always helpful to be reminded of previous suggestions that our team hasn’t yet at time to address. I will bring up the tip calculator, the rules, and the expenses to our dev team at our weekly meeting, as well as in our weekly reports to them on user feedback. Expenses has definitely gotten a lot of votes, rave reviews, and requests, but I’m glad you brought up the other 2. Were there other rules that users could add? Were users able to make their own rules? The latter was a feature we were originally planning to implement in our earliest versions, but we had to prioritize other features.

Hey there,

Welcome to our forum and community! We are super excited to have you on board, and always appreciate the perspective of new users who don’t know much about the app.

Check deposits and virtual envelopes are features that are on our long term roadmap. More information about the current features we are working on here: Envel update - #20 by criedmueller

And a poll regarding features you think we should prioritize here: Envel's Top Feature Requests: Which is a priority for you? - #5 by jacqueline

In terms of linking bills, do you mean privacy.com? I am not sure about the Gas authorizations question, but I just asked the team!

The shared envelope rules suggestion is excellent! I think this could really help us better serve families, and I’m conveying to the team.

Shared autonomous envelopes is an existing request we’ve gotten, so adding your vote to the tally!

Thank you again for your constructive feedback and suggestions, I really love the shared envelope rules and will do my best to prioritize this to the rest of the team!

Cheers,
Jacqui

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There was one other rule about setting aside tax returns. And you couldn’t edit them. So maybe having that round up rule you can change it to a different amount would be interesting.

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