I know, I know, it’s the middle of a heatwave and I’m talking Christmas already, but bear with me here!
In the dim and distant past I used to make use of a Christmas savings account provided by a Building Society. The basic idea behind it is that you are permitted to save £x per month, but not permitted to withdraw anything at all (unless you closed the account I guess), and once you reached mid-November (I can’t remember exactly, it might have been the end of November), the account ends, and the money you’d put by was transferred into your current account so you could fritter it away on Scalextric sets and Raleigh Grifters…
Anyway, back to today and I’ve just seen a sneak peek of locking for pots, and I’m wondering if perhaps we could replicate that functionality with a pot and a regular payment, with very little work (probably!) needed for Monzo:
So, create a new pot and somehow mark this as Christmas Savings (with appropriate imagery to select from, should we not have user-selectable pot images by then ) and a user-selected End Date. The pot is created and immediately becomes barred from having withdrawals, but you are able to set up a regular payment into it as part of the setup, and also add money on an ad-hoc basis. Once we reach the End Date, the regular payment is automatically stopped and the pot becomes a “normal” pot, withdrawals now being possible.
Since moving away from that Building Society I now have a similar process set up with my NatWest account, albeit everything having to be managed by a specific Standing Order and diary entries to remind me when to stop and restart the process, but tbh I’d prefer to have something that “just works” in Monzo instead.
What do you lot think?