✅ Bill Pots (previously Committed Spending Pot)

Is that your way of asking for an update? :confused:

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Yeah, cheery

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Strange… the feature was never in-action so to be MIA is quite a feat!

Feel like we could do a remake of Saving Private Ryan - “Saving Private Committed Spend Pot”

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You’ve had custom pot images this year, don’t be greedy :slightly_smiling_face:

Designated Direct Debit Pots

At the moment, I understand you can only setup regular direct debits/scheduled payments from your main Monzo pot.

I believe it would be a good idea to introduce a facility that would allow you to select a particular pot from which all your direct debits could be paid from. The benefit being, you can put all your money to one side at the beginning of the month and not have to worry about having enough in your main pot to fund them.

In addition, a feature where the ‘designated pot’ has the ability to top itself up from the main pot to ensure that no direct debits fail in the instance where a direct debit might be more than expected.

I know this would be beneficial, especially for those that have made the full switch, as at the moment it can sometimes feel like a balancing act, trying to top up your main pot after a direct debit has come out.

Share your thoughts if you agree or if you have any further suggestions!

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You and another person have created exactly the same topic within minutes of each other. You both need to use the search function on here :see_no_evil:

Here is what you’re asking for that is the most highly sought feature on these forums. Vote for it there :slight_smile:

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It was my first post on here to be fair! :joy: But thanks for showing me that there’s some other likeminded thinkers!

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Maybe if we keep pushing this to the top it’ll get the love it deserves. :heart_eyes:

Go on, you know you want to share the love… :crazy_face:

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:heart_eyes::heart_eyes::heart_eyes: fingers crossed it works! X

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@simonb sorry to at you but can we be expecting an update on the feasibility for this at some point in the near future? even maybe if a v2 ever went into monzo employee testing?

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:soon: :sob:

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I’ve come here to add my tuppence.

I went full Monzo awhile back (I can’t remember exactly when) but a lack of decent committed spending is making me think about opening another account with a legacy bank.

At the moment my husband and I are making do by essentially using his sole account as our committed spend and the joint account as discretionary spend, but it has a few drawbacks - primarily that I have zero visibility for our DDs and SOs. And secondly that we use “committed spend” to mean expected, regular card transactions (such as paying for an MOT). As a SATP, I’m more likely to be paying for these, so at the moment the work-around is that I pay from the joint account and then my husband moves the equivalent amount from his sole account into the joint account

It’s all very clunky and time-consuming, prone to miscommunications and delays. It’s not at all the automagic experience I was hoping for when I first opened my Monzo account.

I do understand that Monzo is a business first and foremost and needs to put its energies into areas that will provide revenue but its policy of one account per customer (or one sole account at least) is making it more difficult to manage my finances than the legacy bank I left.

I can’t believe that my husband and I are unusual in wanting to separate committed and discretionary spending in this way?

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You’re not. My wife and I get round this by banking with more than one bank. So Santander handles all Income and bills, and, for me, Monzo handles discretionary spending.

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I also do this… salary goes in and all DD come from legacy account and monzos my play money.

Lack of a committed spending pot is predominantly why that account has stayed as my main (also cash deposits and cheques when needed)

It’s just a shame, because Monzo does genuinely make day to day banking (adding payees, editing SOs, having SOs work on weekends, being able to log in without having to remember 18 different passwords and security questions, etc) easier. And I’m sure this will only get better as Monzo fleshes out its features. So I’d rather not have to use two banks (and carry two cards) but I see your point.

I think I’d find the inconvenience easier to deal with if I knew how long I’d have to put up with it for…

It’s like waiting at a train station. I know the train is coming, but it’s not here yet. When it arrives, I’ll get on.

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Exactly the same reason I’m still using two accounts. Monzo brilliant for budgeting with your disposable income but once you pay your salary in and all your bills etc get in the mix it just doesn’t work for me.

I imagine many people are just using Monzo as a “spending” account because of this. If Monzo want all of our money hitting their bank then this feature would accelerate it.

Or, if that’s too awkward just let us have 2 accounts. This is what I used to do with HSBC back in the day to achieve the same split.

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I was full Monzo (with the caveat that the wife and I have a joint account for the mortgage and council tax) until today. Frustrated that a committed spending pot has yet materialise, I just opened another bank account for the purpose of committed spending.

I feel a bit grubby because I opened the account with Starling. I know there is some acrimony between the two banks. A starling employee made a few snide comments at a hackathon I attended - which REALLY put me off them. However, a pal opened a Starling account for her holidays - the app looks interesting, and I was able to set it up in the greasy spoon cafe while waiting for my breakfast :slight_smile:

I’ve found Monzo pots useful when saving up for stuff - but the lack of committed spending pot has been a huge source of frustration for me. So now, on pay day I can dump money into my ISA, money into Starling for committed spending… and whats left in Monzo is mine to do with as I please. This is a huge weight off my shoulders. My committed spending becomes fire and forget.

Should Monzo implement committed spending pots - there will be no reason for me to keep my starling account.

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Might be worthwhile having a look at one of the Cashback accounts at, for example, NatWest (think it’s called Rewards) if you’re portioning off your commited spends. NatWest will give you money every month to operate the account this way.

You can check if your bills are eligible here: https://personal.natwest.com/personal/current-accounts/compare-current-accounts/supplier-tool.html

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And now you have a Starling account, you might find it advantageous to CASS it to a bank offering a sign up bonus.