✅ Bill Pots (previously Committed Spending Pot)

I think you can have both (individual or one group bill pot) from my understanding.

You just basically go through and manually elect a pot for a dd, so can select them all to go from one pot or each from their own pot

5 Likes

Hahaha. That’s both answers right there. :laughing:

Clarity yet to be added. :wink:

Whilst the example shows it all coming from one pot - the functionality looks to be accessible through any “normal” Monzo Pot - so you could have an individual Bills/ Electricity/ Water etc and make them committed to THAT individual DD.

4 Likes

So still hope for Friday?

In all seriousness, this looks great, cant wait til we can try it out! :+1:

3 Likes

The feature is assignable on the direct debit, not pot basis.

So you could have a house bills for gas electric etc and a car for HP, insurance etc if you really want to split it out.

I’ve just put it all in one pot though.

8 Likes

Perhaps just add more triggers for IFFFT? That would be awesome.

2 Likes

even better, yay!

Great news… will we also be able to set certain retailers etc to come from certain pots? Ie, I have a pot for fuel. It’s a bit of a pain to go in to pay after filling up and have to hope there is signal to move the money across… if we could choose that any fuel purchases or purchases from select retailers (ie, Shell, BP) would directly come from this pot?

This is for direct debits only. You’re after a mechanism to link card payments to a pot, which is a whole other story.

6 Likes

Great if all your direct debits are monthly, but inaccurate if you have quarterly, annual or ad-hoc direct debits or council tax which is only 10 months of the year…

Doesn’t think money offer the bills separate from the card spending though the idea should be all money comes in to bills pot then move to spending by card and another pot you select or maybe the card use could have been moved to the card spending pot and you must move money in to it to cover what you spend on card

To me what’s on offer is complicated I want easy straight forward no need to decide where my bills are paid from just have a pot and bills and spending go from there or the main part of the account can be the same except all card payments are moved with the card to a pot and you must move money to withdraw it

Not saying Santander have the answer to splitting card payments from bills and payments going in and withdrawals on their basic account. I was good idea having your current account with cash machine card doing all except debit card payments cause Santander provide a second account with prepaid debit card only for the debit card spend part of the basic current account the way it should be bills split from debit card use but no fan of prepaid cards

https://www.santander.co.uk/personal/current-accounts/basic-current-account

You are pretty much describing the current set up with monzo. Without doing anything at all, you have your balance and your spending money (balance minus bills) clearly visible on the homescreen. What they are proposing with Bill Pots is a way to add a little more friction in an effort to prevent you spending money that is needed for particular bills.

For example, one of my direct debits comes out right at the end of my pay cycle, so its really important that I have enough money to cover it. This Bill Pots solution will allow me to put the money aside on pay day and allocate it to that DD.

To me when you have a monzo account it should be this set up

  1. All money in out and standing orders and direct debits - your main home screen for current account

  2. Pot for debit card / atm withdrawals

  3. Savings pots if you want

  4. Regular pots if you want

  5. Bills pot if you want

  6. Any other thing you want for how you want to pay bills etc can be chosen by you

At present current account is all one thing not split for bills and debit card

That’s what a committed spending pot is designed to fix.

Interesting idea to have the bills account as the main account and the spending as the secondary.

Think Money’s a £10 a month charge but they do have a similar set up in terms of separate money for bills :blush:

1 Like

And yes, if there’s not enough in the Pot it’ll go from the main balance :grinning:

Amazing. I was hoping for this because knowing myself I’d forget to put cash across every so often.

1 Like

I think the card should have the separate pot for itself instead of pot for spending it should be card for a pot and not linked to main balance cause to me I don’t want to spend time working out what I need to put aside for bills instead I should be putting aside spending cause in the past it was you withdrew the money from the bank in cash and spent your weekly amount in cash and my mum called it house keeping money so if I moved set amount or chose the amount every week to go to a pot where my card is then I could withdraw or use debit card and everything else happens as it does now

From what I see what’s planned originally is you get a bills pot but you can ignore that and everything runs as present so no change if card was moved to a pot you can’t ignore it and you want to withdraw or spend on card you would need to move money physically to the pot to use card to me that sounds better and for me the best option at present I must think of account elsewhere to keep majority of spending away from my bills cause I can’t be bothered juggling between main account and bills pot cause both do same

In the past and present I have multiple accounts cause I have one for main account money in money out direct debits standing orders and the other accounts were for spending by debit card that’s how monzo should be so a card spending pot should be created and that would avoid having a separate account unless monzo provide a second account

This looks great and will hopefully really improve the monzo experience! A couple of qs: will it work for joint accounts? (Where most of my bills come from) and will it work for payments to Spotify/iTunes/now tv/amazon etc which are not strictly direct debits?

Thanks!