Really pleased to have Pots available but could I perhaps offer a possible improvement that would enhance the utility value of them?
How about designating an individual pot as a source of DD and SO funds from which they would be paid. The pot would have to have its own separate account number but I don’t envisage that being any great problem. If necessary, a nominal monthly/annual charge could be levied to cover any additional expenses incurred by Monzo. The big advantage for the customer is that they would not have to remember to transfer funds across to their main account in time to pay the DD.
They don’t really need their separate account number, I would prefer them not to as it would be a pain to have to change DDs with merchants. A simple linking of DD and SO to pots, and unlinking actions from within the Monzo app would be sufficient for me.
I do agree though, putting money away into pots and having bills coming straight out of them, would be great!!
I’m not sure there would be a need for separate account numbers. If under the DD and SO settings you could just select a pot to take funds from then that should be enough, so basically payments are made with the normal account details but funds are withdrawn directly from the corresponding pot. Obviously incoming funds couldn’t work in this way but what about having a hashtag as the payment reference to which pot to pay into, eg #saving goes to savings pot. I’m going off topic now…
