Hello.
I am looking to set up a ‘side business’, which I will put all profit into a certain pot.
I thought it would be a good idea to be able to automatically deposit money into a pot from a specific source.
Thanks,
If you are using a Personal account, this may not work in your favour - the very first paragraph in the Monzo T&C’s states;
“These terms and using your Monzo account
These legal terms (English law applies and disputes will be settled by English courts) are between you and Monzo Bank Limited (Monzo/us/we) and you agree to them by using the Monzo app. Your Monzo account is a personal UK current account and you mustn’t use it for business purposes.”
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In that case, it doesn’t have to be for a ‘side business’
I guess it could still be relevant if I’m transferring money from one bank account to another? Like if it had a specific reference it would automatically put it into a pot?
If it’s a full Ltd company (or whatever), then no. But what if he wants to do it as self-employed? That must be permissable. @hbwmcgregor I’d take a staff member’s opinion over some random forum posts though!
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If you’re a sole trader then you’ll need a business account 
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Can you point us to some formal documentation on this?
The Uk Govt. says you can be a sole trader that runs their business as a self employed person and still be employed in your “day job” by another - if you then put your money earned from the business that you were running as a self employed sole trader in to your Monzo personal current account you are clearly breaking the T and Cs of Monzo
particularly - “You can be both employed and self-employed at the same time, for example if you work for an employer during the day and run your own business in the evenings.”
very first paragraph linked by @davidwalton
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You can see the eligibility criteria for business accounts here: https://monzo.com/i/business/eligibility
Those who are eligible for business accounts aren’t eligible to use their personal account for that purpose.
We treat being a sole trader as business use, and that breaks the T&Cs of our personal accounts 
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We believe you 
Just open a free Monzo business account - it takes 2 seconds and you’ll not only have your money segregated but also all your budgeting and everything else 
It’s just not worth the risk. From reading peoples experiences on here, one day without notice your account and all your money will be frozen for upto a week (if not longer). A nightmare for anyone and sods law it will happen at the most inconvenient time too.
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