No surprise here, they alert you if the balance on your external business current account(s) dip below a level you specify.
As well as the obvious benefits, 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 business current accounts, so low balance alerts can help you monitor external bank current business accounts you use less frequently
- You specify what you think is 'low'. What is low for one business, could be high for another. Do what makes sense for your business.
- You can specify multiple alerts against the same external business account. For example, you might want an 'early warning' if a particular business current accounts dips below £10,000, but another more urgent warning if it dips below £2,000. 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.