The new 3% Savings rate for Pots is fantastic and means I can finally hold more than a small amount of cash with monzo, rather than transferring money to Chase or GoldmanSachs each month. One thought is that I would love to have higher security features for the pots. For example lets say I have £200 in my current account and £14k in my Savings pot, if my phone gets stolen and someone sends £200 to themselves or spends on my card that’s annoying but not the end of the world. meanwhile I would be a bit nervous to hold £14k in a pot that can be pushed straight into my current account with no further checks or security and is then usable for up to the £10k daily transfer/spending cap. Perhaps having a optional waiting period that users can activate to release funds, or it requires the video submitted saying “my name is X and I’d like to release three thousand pounds”, or even a release passcode?
They can’t take the money without your pin/face/finger.
If you want a delay then there are other saving points available that aren’t instant access.
There used to be locked pots that required staff to unlock and it was an absolute shit storm.
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In the event of it could happen, but chances are low.
Hide your pots from view, it’ll still show the balances, but the chances are that anyone who’s gained access maybe doesn’t know how to unhide them.
@SimonMann I have a related security concern and because of this also avoid putting large sums of money into my Monzo account, which ultimately is Monzo’s loss. The scenario that concerns me is slightly different to yours, but the concern could be alleviated in a similar way (opt-in withdrawal delay).