1 Month on How much is in your Coin Jar?


(Dan) #1

Its been just over 1 month since Coin Jar was launched by Monzo! An amazing feature…
I was just wondering how much you’ve managed to save in your Coin Jar so far?

Myself, I’ve had one since launch and it currently has… drum roll…

£22.19

Fire away with yours!


(Jack) #2

£8.92 :moneybag:


#3

£12.21


#4

£0.50 in my jar :pig:

This little piggy got smashed.


(Excited about Christmas) #5

26p, including the initial 1p


(Sacha) #6

£36.10.

Although I’ve been manually clearing any pence balance (e.g. after monzo.me transfers) so that isn’t entirely from automated transfers.


(Andre Borie) #7

30£ approximately. :moneybag:


(Kevyn) #8

£1.39. Mainly because I spent it already.


#9

£15.04. I’m not sure what I might use it on yet.

Maybe any months that I’m in dire need of it.


(Sufi) #10

£33.89. :pound:


(James Murray-Ferris) #11

£18.22


(James Murray-Ferris) #12

If I could rename it I would call it the “when I want a take away pot” :joy:


(Peter McDonald) #13

£18.05


(Andrew Ross) #14

£25.08


#15

About £8


(Peter G) #16

I’ve been manually transferring my coin jar into savings every month (so just the end of March so far). I think I had around £20 for whatever that period was…

(I’m also manually rounding up though for transactions that don’t invoke the coin jar. I’ve been known to spend rather longer than I should on reconciling my account to find out just what-the-heck’s-gone-on if I notice that my balance doesn’t end in .00!)


( related to Monzo CEO, Investor in Monzo ) #17

although I think Coin Jar has great potential for savings in the future, all it does at the moment is to round up the change from money Ive spent in to a different place. Its money I already have in a different “pot” , its not doing anything until the proceeds of Coin Jar are automatically transferred to something that grows my savings, be it an ISA or an interest bearing account - then it becomes an unconscious savings vehicle - rather than a conscious "I must transfer that coin jar amount to somewhere that benefits me more than just keeping it in a separate place in the same account "

That is when it will really benefit users without them having to even think about savings.

£10.12 by the way :slight_smile:


(Peter G) #18

Agreed. I think the game changer is when you can automagically transfer the contents of pots outside Monzo (or have savings pots in the app that are actually held by other institutions and attract interest).

Actually, I think @tom put it much better than me in his recent Q&A:

I’d like to offer partner banks on our marketplace, and give users the ability to turns “pots” into “savings pots” and earn interest. Still within the Monzo app, but sitting on the balance sheet of another bank.

The tl;dr - I’m really looking forward to rules within the app!


(Danny) #19

£22.14. You beat me :laughing:


#20

£19.87

I cannot emphasise how useful this feature is. Currently, my philosophy is to count the Coin Jar as savings so I do not look at it (first & only time is now in order to post my balance here) or dip into it.

Future intention is to send the accumulated monthly balance to Wealthify, Glint &/or Pensionbee. Hoping once the Marketplace goes live this can all be done in-app.