I would like there to be an option to set a minimum balance for the main account (i.e. £1000). Then the day before payday, any money in excess of the threshold (i.e. balance is £1251.60) would be automatically transferred to a savings pot. So in this case £251.60 would be scheduled to be moved to a separate pot. It would need to consider any pending transactions but it would be really good to start each month at roughly the same balance if you are on a consistent salary, and would simultaneously help build up the rainy day fund.
As a Customer,
When it is the day before my monthly salary is paid into the account
and I have set a minimum threshold set
and I have money in excess of that threshold
then Monzo automatically transfers the excess amount into a separate pot
As far as I know you can only do preset amounts such as £25 every X days and I haven’t seen any IFTTT additions that can do this either.
Since the average payday is monthly is it not easier to make the transaction from the balance to the pot yourself to avoid any errors?
To answer your question, yes, it is something i do manually already. But if there was a feature I could enable that took care of it for me, then its one less thing to worry about.
Monzo have the feature already where it allows you to get paid a day early. So you could use that to know the salary is due the next day and then Calculate any potential savings to be moved into a pot. To reduce any potential errors. It could send a notification to the customer to say its planning to move x amount into Pot X, and its one tap to approve or deny it.
I like the roundup feature from Monzo already, and I feel like this would help customers save money to hit their money goals even faster without necessary having to think about it too much. It wouldn’t need to be default enabled for every customer. Just another option for customers to use if they feel like it would help them be smarter with their money.
If you have your budgets set, at the end of the period it will give you the option of transferring everything that’s left. Not automatic and probably moves too much, but it’s sort of there.
You could otherwise do this with IFTTT and the Google Sheets export.
