What features would you pay for in a Premium Account?

Hey friends!

As we work towards building Envel premium, we wanted to check in with you guys to see what features you would be willing to pay for (and how much! We would likely charge a monthly subscription somewhere between $3-$15, and are even considering having several tiers).

I know this has been discussed before, and we definitely have quite a few ideas ourselves, but we are interested to hear what features you think would be worth paying for!

Also, if you use similar apps that have a premium service, we’d love to hear what premium features they have, and whether you think it’s worth it or not!

Cheers,
Jacqui + the Envel team

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I’m assuming the $15 is included the full access features listed on the roadmap

Hey Gary,

Actually nothing is set in stone yet about which features will/won’t be premium! Its an ongoing conversation we’ve been having as a company that we definitely want to get user feedback on.

Cheers,
Jacqui

The snarky response is that I would pay $10/mo if you bought DAS Budget (Plaid-based Simple near-clone) and implemented it in Envel.

The real response is human transaction information. I’d pay for that. Monthly. Make it pretty, give me actual capitalization and logos and locations, etc. I’d pay for basic human-readable transaction information.

  • If I never see something like “Withdrawal from Customenvelope_somename_somenumber” or “Deposit from income” or Withdrawal from Cash" or “Transfer to MyName” again, it will be too soon.

    • That custom envelope has a human-friendly name–I gave it to it. So why not use it?
    • How are you “depositing FROM income”? I’ve been in the banking industry so I know what’s really happening, but the way you’re saying it is NOT human-friendly.
    • I know it’s a withdrawal from my Cash envelope because I see it in my Cash envelope and see that the amount color is black without a plus sign so I know it’s a withdrawal. WHO it is going to would be FAR more informative, as it is with card transactions.
    • I don’t need to be told I’m transferring money to my own name when transferring money between accounts. I want to know the accounts I’m moving money between!!!
  • I’d prefer double-entry accounting-like information, but really, anything human-friendly will do when transferring money between accounts.

  • If the auto-capitalization wasn’t obviously brain dead converting the all caps of the financial system to title caps, that would be great. I’d pay for that.

  • If the “transaction type” wasn’t always “Other” for card transactions, that would be nice.

  • There is a separate ACH account number for incoming salary; so why is an ACH deposit or card refund into the Cash account typed as “Salary” and added up as salary?

  • If I didn’t have money show up unexpectedly, that would be nice. Did a pending transaction finally fall off? Who knows! I just know that the amount of money in the account is now greater than it was for some unknown reason. I know this is probably done via memo posting on the backend, but to ME, money was gone and now money has returned, but I see ZERO transactions to reflect it. I’d pay for that.

The big one for me would be credit card integration. Allow me to link my credit cards via Plaid. When I make a purchase on a credit card, move that amount of money from my Cash envelope to my Bills envelope (or a Credit Card envelope) so the money is set aside to pay the credit card bill.

2 Likes

Hey Cliff,

Thank you for your response. If only we could buy DAS, but alas we are still just a young startup.

We are definitely already working on more ‘human’, aka comprehensible, transaction information. That’s definitely not something we would ask you to pay for!

When you say ’ That custom envelope has a human-friendly name–I gave it to it. So why not use it?’ would you mind clarifying? Also, when you say double-entry accounting-like information, could you give an example? I apologize for my confusion I just want to make sure I am noting down your suggestions correctly try!

Best,
Jacqui

Oh ok thank you

But to answer the question I would pay for investment and loan services being provided towards premium since I love to do crypto

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I would hope that in the future some basic reports on spending would be part of the base app. But I think it would be really cool to offer subscribers some more complex reports that show changes in spending over time and even forecast into the future. It would be cool to allow users to have a report that they can plug in variables such as additional costs for buying a new car, or increased income from a promotion at work, for example, that would allow them to see how that would affect how much money the AI would put in their vault, emergency and other envelopes. It would be great for projecting what major expense/income changes would do to your budget.

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I would pay for a joint account but not a personal account.

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Hey Gary,

Thank you! Adding these to our list, which I’m presenting tomorrow at our all team meeting!

Cheers,
Jacqui

Hey Brock,

Thank you for the feedback! Adding this to the list although we do hope to make this feature free.

Cheers,
Jacqui

Hey Yen-ri,

I love this idea! Adding this to our list, which I am presenting at our team meeting tomorrow.

Cheers,
Jacqui

I may have missed something, but it feels weird to think about premium features when the product is really still in beta. A free-tier must-have feature that I’m still waiting for is a website where I can manage my account. Am I mistaken in thinking this was part of the plan?

Hey Perry!

This discussion is more just to gage interest and help our team plan for the long term. We definitely have A LOT more free features we are working on/plan work on once we free up the resources! A web app with basic functionalities is definitely part of our long term plan, although not a priority at the moment.

Best,
Jacqui

Hi Jacqui, I would pay for budgeting and wealth oversight functionalities similar to what Mint does. Would be great to see aggregate information on budgets, savings, and investments.

I currently use Robinhood, Acorns, Fundrise, Paychex, and Betterment and use a spreadsheet to track it all. Would love it if Envel was my last stop shop. :slight_smile:

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Hey Jacqui…I would like to have a couple more features with premium. Maybe you could tier it with a middle version where you could implement a more detailed budget for specific bill names where autopilot would deposit.also maybe that level have a 100 dollar overdraft where on next deposit you would be able to have an overdraft envelope to pay back in a couple payments or in full. Also on a top tier level premium account the detailed budget 200 in overdraft to pay back the same way and your choice of online businesses to receive more cash back options with an autopilot cash envelope that you can choose to use when you wish.also on this level a monthly drawing for the customer to win a certain amount of money for reaching certain goals that they set. Just some ideas.

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Hey Connor,

Thank you so much for the suggestions! I am adding these to our list. If you can think of anything else, please let us know!

Best,
Jacqui

Hey there,

Thank you so much for these suggestions! We are definitely considering tied options. I love the overdraft envelope idea, noting all of these suggestions down. Let us know if you can think of anything else, and as always we appreciate the feedback!

I will say that with our upcoming sub accounts, you will have the option to make all your accounts subaccounts under one account number. So your emergency envelope, for example, will automatically cover any overdrafts!

Cheers,
Jacqui

Cheers,
Jacqui

I would be willing to be pay for live-human customer service. It would be nice to be assigned to your personal advisor so when you call it’s the same person.

A metal card

Rewards for shopping with partnerships Envel chooses.

Access to atm deposits

Fraud monitoring

Credit score monitoring

Intergrated investments & retirement accounts

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Hey Tye,

Welcome to our community, we are thrilled to have you on board and thank you so much for taking the time to write down these suggestions! I’ve noted them all on the spreadsheet I am compiling.

While we continue to work towards starting to develop our Premium accounts, if you can think of any feedback or suggestions that would help us improve our current app, we would absolutely love to hear them!

Cheers,
Jacqui