Change Monzo pot type

[Dan_R (Dan)]

Ok… I don’t think I’m the only one who thinks Pots need a bit of work…

I have been with Monzo for a long time now… and I have Pots for lots of different stuff… and multiple savings pots with Investec and OakNorth…

Why / When are we going to get the ability to easily and simply change a Pot type…

For example… I have an iPhone pot where I save £50 a month for 2 years to buy my next iPhone… this pot has just reached £500… so ideally I want to press a button within that pot, select a savings provider and have it automatically do the rest in the back end… boom… I now get interest…

That in my eyes would be making my money work easily and simple…

Does anyone agree?

[Anarchist (If there's the wrong end of a stick, you'll find me holding it.)]

this pot has just reached £500… so ideally I want to press a button within that pot, select a savings provider and have it automatically do the rest in the back end

I agree it would be handy. It would save making a new pot etc. But it’s not something which comes up all that often, I guess.

[Dan_R (Dan)]

True… but there again… I have 2 other pots that are savings pots and since making them new providers have been added with better rates so switching with the click of a button would be sooooo handy!

It would also save moving money out of a pot, closing it, opening a new one adding money…

[nathanthomson8 (Nathan)]

It would also be nice for it to possibly work the other way…

Your balance drops below £500, turn it into a normal pot instead.

[coffeemadman (Jonathon)]

I have an iPhone pot where I save £50 a month for 2 years to buy my next iPhone…

Interesting idea.

Though if you’re spending £50 a month for 2 years… why don’t you just get a 24 month contract for around the same for the iPhone anyway? (Which would include data etc, which you’d pay on top of your current amount if you got PAYG).

[Ordog]

There have already been a couple of suggestions for this, so perhaps some kind person can merge them all into whoever came up with the idea first, or something?

Change Pot Type [Idea]

Pots are great, I think we can all agree on that. They help many of us do many different things. Now that we having savings pots, with a minimum £1,000 starting balance, problems arise. (Kind of.) I have a normal pot, with over £1k in it. It is currently locked until April. I’d like to be able to just ‘edit’ the pot type to a savings pot but it’s not possible. If it wasn’t locked, I could delete the pot and make a new one but that’s messy in the feed. Hopefully this sort of functionality will …

Ability to change pot types and keep history

I think it would be great to be able to change the pot type from regular to savings and potentially back again (if balance fell below min savings value) without having to create a new one and transfer the money. The benefit for me would be that I would keep my history on the pot which I find useful.

[Dan_R (Dan)]

Interesting idea.

Though if you’re spending £50 a month for 2 years… why don’t you just get a 24 month contract for around the same for the iPhone anyway? (Which would include data etc, which you’d pay on top of your current amount if you got PAYG).

Ahhh but with a contract, I have no choice but to pay… if one month I need the £50 for something else I can

You also get better data etc on SIM deals I feel

[RobertGoacher]

Yeah it’s always cheaper to go SIM only and buy the handsets outright.

[Ganey]

My pixel 1 was cheaper on contract. £30 a month within a month of release, cashback and free electronic crap with it. Throw in 8gb of data and unlimited calls and texts for that price too, and it was with Vodafone.

[coffeemadman (Jonathon)]

You do for data, agreed. And I get that you don’t have to pay each month. But if you consistently put £50 away a month that’s just for the handset, not the data plan too.

Meanwhile I put £42 a month to O2 for my phone AND 100GB of data. So it’s much cheaper in the long run.

(And the phone is 0% interest so I’m paying exactly the same as you for it)

[Mavrv (Andrew King)]

Don’t save £50 month have a look at the last Monzo journal email, I do 1p pot Over a year = £600 plus and a decreasing 1p pot = 600 plus a year have a look