Automated pot withdrawals (by payee)

Scheduled deposits into pots helps keep earmarked money safe between bill due dates, but it’s a very manual process to dump the saved pots back into the main account bucket for random expenses (not scheduled bills). I desperately need an automated method for accessing pot money.

I could pick a recent payee (one or more!) by name so those would always pull money out of that pot (and any remainder from the main bucket).

This would let me withdraw from the appropriate pots as I spend (either for a regularly scheduled bill or for irregular expenses). Scheduling a pot withdrawal as we can do now only really lets me automate bills.

Sorry if this is an instant no…but in the UK app, scheduled withdrawals from pots exist.

You click withdraw, then on the screen where you type the amount, there’s a ‘set scheduled payment’ button - is this not there for you?

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Well that’s news to me!

Thanks for sharing that! The in app UI isn’t very clear when it comes to this and the process for setting a schedule when choosing the withdraw option makes it seem as if you’re setting up a deposit. Dissuaded me from thinking scheduled withdrawals weren’t possible.

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Yeah agree with all of that!

I recently set a bunch up to coincide with some regular card payments which I couldn’t assign to my bills pot.

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I have the US iOS app. I didn’t see an option for scheduling withdrawals

If you tap the withdraw button under a pot, does the screen not show these options for you at the bottom?

If it does, tap the scheduled payment option and you should be able to get this set up in terms of by repeating date.

If not, then I hope it’s something Monzo add to the US app, as now knowing this exists in the U.K. version, it would be a strange omission.

I’d also like to be able to schedule withdrawals by payee or merchant too, so I’ve voted for your idea anyway!

This does exist in the US app because that’s how I have everything set up right now. It’s a work around for not having bills come straight out of a Pot.

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Ah I see it now! Thanks! I’ll update my request since the ideal option above is still preferable.

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Yeah this is not really an answer for the way Simple Expenses worked. Ideally you set a payee/merchant or category to a pot and then the payments come out of that pot when they happen, not on a schedule.

I could see this maybe working for monthly items if you could set a day of the month for the withdrawal.

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Also if you pay by a scheduled bank transfer (or direct debit, though I recall hearing they’re not a thing on your side of the Atlantic) you can set it to come from a pot. In the payments tab click the payment and under the edit and delete buttons there (might be) the option to pay from pot.