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!)
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
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).
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!
£22.14. You beat me
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.
I just swept it back into my main balance, so £0. However it was pushing £40!!!
Do you know if you’ll be sharing any metrics on use of the coin jar? Proportion of users setting one up, average amount saved, that sort of thing? (Idly curious - I’m very relaxed if it’s effort and/or something you’d prefer not to publish!)
Possibly! @simon would be the person to ask.
Maybe a blog post would be good at some point?
I feel like I saw some numbers at some point and the takeup was pretty high
£27.16 and counting… at this rate I expect to save over £300 pa without saving!
When we start to see other banks and credit cards in the app, it would be great if the Coin Jar could work across them all. I only use Monzo for cash (and DDs as of tomorrow!), so most of my transactions are missed.
£68.61 in mine