I like to keep money segregated. I have the following accounts:
1 - Monzo Personal Bank Account
2 - Monzo Joint Account (Used for regular bills)
3 - Oldschool bank Joint Account (This is our cash savings)
I want to get rid of the oldschool, legacy bank and bring the money from number 3 into Monzo but this means using a pot. Pots pollute the feed for account number 2 and confuse me. Also to assign a virtual card to this pot I have to pay £5 per month.
Solutions I see to this problem are:
1 - Could Monzo allow customers to open multiple accounts? Switching between accounts in Monzo is really easy now, I cant see any reason why opening a second joint account would be an issue. I think Starling users are charged £2 a month for this at the moment.
2 - Can Pots get a setting where their spending and transactions are hidden or walled off from the main account that they sit within? This would make Pots feel like a seperate account and achieve similar results to the above suggestion.
The other thread linked here has some comments of mine, including my conversations and a meeting with Monzo to try and get business banking statements improved. To bring the story up to date, you can now exclude pot transfers from statements on business accounts.
This isn’t possible on current or joint accounts - part of the reason for that may be down to the added complication of interest bearing pots (current and joint accounts) and overdraft balances and charges (current account).
No interest or overdraft is available on business accounts and that did add complexity when I was trying to come up with proposals for the business accounts (trying to show how the information might be presented if interest or overdraft facilities were added to business accounts in future).
Edit: to explain, toggling this to exclude pot transactions causes all pot balances to be amalgamated into the main account balance on the statement. Which is why I think it would cause issues on accounts with an overdraft facility. As has been discussed at length elsewhere, pot balances are considered separate from your current account balance, so if your pot balances were £1000 and your account balance £100 overdrawn, the statement would show overdraft charges on a £900 credit balance.