So I have just checked my statements for August and previous months.
My account is showing literally £6000 in and out of my account which is not true. I move a lot of money around as I have a savings pot and a personal bills pot and other pots as necessary on my account. The issue is the statements are counting money in and out of my account including my pot transfer of which I move money around as I don’t like to leave in my main account. I don’t believe this is correct.
Money in and out should only ever be external deposits and external withdrawals. Not from pot to pot.
Please can someone explain how this is not the case on Monzo.
It does not look good on my main current account when I am going to be looking at a mortgage soon.
I don’t think lenders care much to look at how much money comes and goes. It is the same with a lot of people nowadays, especially since savings accounts and credit cards are so fragmented - you could be sending money to external savings accounts, paying your credit cards etc, what does it matter how much goes in and out?
What they look at and what really matters is proof of your regular income (i.e. you said you are getting £2000 a month from your job at X, is that shown on your bank statements every month), that’s what they care about.
Move to Starling, they just show one factual statement and balance, no Pot (Spaces) movements on the statements, nothing. Just a clean bank statement money in money out
day 2 £400 gets moved to a pot - balance is now £100
day 3 a Direct Debit for £150 is requested from the main account, and rejected as the balance is only £100.
day 4 a Direct Debit for £400 is requested from the pot, and approved
If the statements ignore pots, how could they possibly show the above? It would clearly show Monzo rejected a £150 payment when there was £500 available, but then the next day paid out a payment nearly 3 times that size. Just imagine how confusing that could be.
Now, imagine that the case when the pot is a 3rd party bank savings pot, or even a monzo non-instant-access pot. You’d have to have 3 or 4 separate ways to show how the monry is (or is not) moving out of the account, depending on which pot you’d moved it to.
Or, with the current way, every movement is shown, and the statement balance reflects whats actually available in the main account.
Pots are basically separate savings accounts. Monzo doesn’t call them that, and they don’t have their own account numbers, but that’s still what they are. All banks show transfers to and from savings accounts on your statement, otherwise you wouldn’t have an accurate record of where your money’s going.
This is a conversation with my mortgage advisor last year. This was before pot statements were even available, so I couldn’t send one of those.
I was asked about it, but it was a complete non-issue. My advisor was satisfied with my response and the mortgage went through fine. You definitely won’t be the first person to apply for a mortgage with a Monzo statement. You’ll be fine.
