You can, but it needs much more manual intervention.
At the moment I have a bills pot and use IFTTT to put the money in my main account the night before the payment is due.
You can, but it needs much more manual intervention.
At the moment I have a bills pot and use IFTTT to put the money in my main account the night before the payment is due.
I totally support the ideas on here, I really hope the ability to have direct debits come from pots is added soon!
I’m about to start working full time after being a student for 5 years and I really want to get my head around budgeting and finances. Now that I’m going to be working and renting, paying tax etc I really want to develop the discipline of managing money so being able to set up individual pots for rent, bills, tax etc and have direct debits coming straight from them would be an amazing organisational feature.
The idea of being able to sit down on payday and go “right i need to put £X into rent, £X into bills, and £X for tax, now of what’s left I’ll put £X into savings” and be left with the rest for disposable income, PLUS the knowledge that I don’t need to do anything else with it because it’ll be taken automatically from the pots is so appealing to me.
I think it would make staying on top of your finances so easy and stress free, particularly for young people new to managing an income.
Sorry I’m knew to this chain (this chain is super long to summarize), but have the same question - do Bill Pots work now in the app? If not, are there ways to set it up from the external apps? Many thanks.
They are in staff testing right now
Thanks. Can you do it with ITFFF or whatever this app is called?
No, IFTTT has the same limitations as scheduled pot withdrawals. If it’s an amount that changes monthly then it can’t predict or see that or changes to payment dates due to weekends
Very helpful. Many thanks.
Congratulations on the Grad job. I’m in the same boat
Not really adding to this conversation - but I am so excited for this release. I think this could be a proper game changer in the way I use my account.
Long term I would love to set any payments to pots (company based maybe). But I’ll happily take DD and SO for a starting point.
Can’t wait for this to come out. It’s number 1 on my wish list from Monzo. (came from Nationwide where I had 2 current accounts set up - 1 for segregated bills, 1 for spending).
Good news folks. We’re happy enough with the staff testing to start thinking about getting this into Labs soon. But, it may be quicker for us to do this if we only put it into Labs with Direct Debits first, as there’s still a bit more testing to do on Standing Orders.
What do you think we should do?
0 voters
I have been waiting for this for so long so the sooner it gets out into Labs the better for me
I’d go with Direct Debits first. While the overall functionality won’t be there until ALL committed spending is covered, at least there can be a shakedown period with adventurous users trying it out to feedback on the functionality.
Happy to try it…
Curve ball question - is this Personal Accounts only or does it apply to Joint Accounts too?
It’ll only work for me/us if the latter
Wait for SOs - we dont want another half ready launch. I presume we are talking a short delay.
Never had this split of accounts or sort of functionality before
Do not know whether it will have any effect at all on my finances, let alone a revolutionary one
Will I be all over this when it’s in Labs? Oh yes
Launch into labs most people mainly have direct debits! Can’t wait!
My understanding is that it’ll work on Joint Accounts too, however I’d need to double check as to whether the initial Labs release will support JAs (I believe so but I don’t want to say 100% without double checking)
+1 for launching via Labs for JAs too.