Do you think we will ever see Monzo integrate an autosavings feature similar to Plum, Chip and Tandem. Would be nice to have this feature within Monzo that works instantly. Even if it is just a recommendation on how much you can save based on your spending.
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well they already have round ups
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While ive used this feature through chip before my monzo days and like the idea of it, whenever ive considered it as a monzo customer i find that it would displace the impact of how I use budgets.
Im sure some would use it, but for me it would clash with how monzo helps me manage my money.
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Thanks for your thoughts. I have been using plum for a while with Monzo. Before using Plum I wasn’t a very good saver but, I never went into overdraft once. I also wasn’t a very good budgeter (if that’s even the correct word). With Plum, I have actually found myself in £500 overdraft, which is my limit. I’ve never been in that situation before. I feel that this is down to Plum taking a few days to take a payment and not being able to keep up with what is in my account. I am now abandoning this idea (I just don’t think AI works for me) and I am going back to budgeting. However, the reason I ask about Monzo getting autosavings is because I feel like a recommendation or instant withdrawal would be able to cope with the less predictable expenses and also would allow you to still use pots to budget, whilst taking savings from your main account. I think the key to the autosavings has to be in the speed in which the payment is processed.
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Why don’t you try roundups and one of the IFTTT challenges. With it all being live, it might just help you out.
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The only issue I have with ifttt is that you can’t use it in overdraft, so I might have to get myself sorted first, then start introducing some ifttt functions.
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I use Plum, there is always advance warning of the amount being taken, and you can control how aggressive the savings are… so to say that Plum have put you £500 into overdraft is a bit of a reach and a disservice to Plum.
I think the biggest ‘saving’ Plum ever made on my behalf was around £15 (on a particularly flush previous week).
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Apologies if they has come across in the wrong way. I’m not blaming Plum for putting me in overdraft, I think what has happened, everyone is probably different, but relying on Plum has made me lose sight of my spending due to the delays, but I was just curious as to whether Monzo implementing an instant version, could allow budgeting using pots as well as an autosavings function. My problem is, I take automation for granted, especially when it is in a separate app. Allowing an app like plum to work out how much money to take, still requires me to keep sight of my spending. Correct me if I am wrong but I don’t believe plum recognises Monzo’s separate pots? So in that case it’s hard to budget and autosave at the same time.
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No worries, words can be funny sometimes.
And yes, I don’t think Plum knows about Pots, only the main balance. So you do need to keep an eye on your account as you go.
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I’m not a fan of auto-saving. I think it’s much better to decide in advance how much you are aiming to save (based on consideration of budget) and move that to your saving as soon as you get paid, before any other spending.
However, if you are insistent on auto-saving you might want to give Chip a try. It does same day autosaves via debit card. Not sure how it calculates how much to save though as for Monzo accounts all it asks for is your debit card details. It doesnt ask for access to your Monzo account.
Chip and Plum do the exact same thing (I’ve used both).
@Hookymon5ter said for Plum there is a multi-day delay between when an auto-save is calculated and when it is taken.
This also used to be the case for Chip, but they now take money in the same day the save is calculated.
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What does the autosave function of Plum do? 
Plum - I think - looks at a point in time and works from that. So your balance is checked and a day or so later the money comes out. Not same day, which I prefer as it means I can get ‘ahead’ and cancel it if I want that day/week. Chip took cash a couple of times before I could say No.
So if I was paid monthly, I’d get it to check the day before I was paid and it would take a portion of what I had left for my savings? Kind of like a salary sweep?
Not sure you can alter when it checks tbh…
Ohhh I see. So it tries to guess/calculate that you don’t need that money for anything else and will then move it to your savings?
How does it know (for example) that I’ve not got a 30th party to attend at the weekend and I’ll need that money for my night out. It would then move it to my savings and I’d be stuck
It doesn’t. But you can adjust how aggressive it is. At the moment I’m on the lowest setting and it takes £3 or so. It’s a micro-saving thing for me, I doubt it’d ever get more than £10 at one time.
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Cool thanks for that. It doesn’t sound too bad.
I’m using Monzos penny savings challenge as someone mentioned earlier but the annoying thing is that it fails if you’re in an overdraft. On the plus side I wouldn’t be in the situation that the OP is but on the other hand I’m not saving as much as I should be 
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I think it would be great if Monzo could implement the algorithm or similar that Chip has and allows the saves to be put into a savings pot with interest. Alternatively, we could all use Chip and each month or so, move those funds into a Monzo savings pot