✅ Bill Pots (previously Committed Spending Pot)

They’ve said that they’re looking in to this, but not at the moment.

Some quick feedback, support for continuous payment authority and standing order transactions would be awesome!

I also think it would be brilliant if there was a variation of the interface for Bill Pots specifically, where rather than being shown progress towards a goal amount, the app will display “Number Of Weeks/Months/Years Ahead (or behind :astonished:)”.

and perhaps a way of setting up scheduled payments into the pot from a bill’s Feed Item, akin to the “Assign this payment to a pot” button shown in the preview, I envision this could ask if you would like to over-pay into a pot, i.e “Would you like to pay x weeks/months extra towards this bill?”

5 Likes

Will this be for joint accounts as well ?

1 Like

Yep!

10 Likes

Do we know when this will be up and running?

1 Like

Presumably you mean for wider audience, as it is already for staff testing?

Not seen anything definitive, but earlier comments made it sound like within a month or two barring unforeseen or blocker issues from testing

1 Like

Hoping it comes to labs first, not seen anything new on labs for a while now and I feel this one would be well suited :lab_coat:

4 Likes

Disappointed there’s no well emoji

1 Like

This can be done at the moment using IFTTT, you have to set up an applet where when a Tesco transaction happens on your card, it will take the value of this purchase from a pot. You will however need to already have that amount of money in your available balance for this to work, as your debited balance is reimbursed from your pot.

oh well

1 Like

If the bill pot is empty when the direct debit / standing order is due to go out what will happen?

Hopefully it will be 1) try the bill pot, but if not enough money in it then 2) fall back to the main account, then if not enough money the bill can’t be paid.

1 Like

Exactly, it’ll use what’s in the pot, then it’ll use what’s in your balance or overdraft etc. if there’s not enough

4 Likes

That’s what they’ve said.

The bill is still taken from the main account at all times, the Bill Pot is used to top up that account with the correct amount some seconds earlier. Thus if there’s not enough in the Bill Pot the main balance will always take the hit (assuming sufficient funds I guess).

1 Like

Do we have a rough date for this yet? Looking forward to it and means I can go Full Monzo

2 Likes

Keen to start using this as I have a separate pot and balance that I want to use to cover future payments of certain direct debits. Then I can leave all the others to come from a separate pot that I top up monthly.

I’d be interested to see if this shows in the feed as the money moving and then the bill being collected or if it will be a similar sort of look to a roundup with the merchant data and then the small circle showing the bills pot overlaid

2 Likes

Last post I saw, I don’t think that was finalised.

Hopefully it’ll be like round up!

2 Likes

Yeah +1 for roundup like!

Would make the feed look alot cleaner please @anon59758512 :eyes:

1 Like

This sounds super promising. One step closer to Monzo being Bank + Ideal Budgeting Tool.

Any updates on a roll out?

1 Like