Automatic Pot Payments

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 :slight_smile:

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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 :blush:

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We believe you :wink:

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 :slight_smile:

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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It’s in Monzo’s T&Cs and we have seen many people on here who find themselves without access to funds because they had their account closed for business use.

T&Cs, as above. Doesn’t get more formal than that - especially if you want to take a staff member’s word for it, @Dan5 is one of them.

You don’t have to be a registered company to carry out business. You can be a sole trader or hell, even if you sell lots of stuff on eBay as a natural person, Monzo could deem it ‘business use’. I mean it would have to be a lot of stuff/recurring transaction patterns but still