Coin Jar Feedback Thread

OK, get that.
For me it hasn’t “gone” because it’s still technically inside the Mondo account/my financial world not someone else’s/a retailer.
Decided to do it that way because I’m trialling Moneybox which does round ups on another account, but puts them in into an investment vehicle, so if the investment rises and falls, I can easily add that as a transaction.
Good to hear how and why other people do things though! Thanks.

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Haha no problem, I live by my budget so if its not available funds in YNAB, it isn’t there to move from one category to another and spend, so its gone in that sense :yum:

Love the new coin jar feature. It’d be great if you could set a time lock on it!

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Great idea, the team’s collecting all the different uses for Pots in this topic so could you please share it here too :raised_hands:

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Would also like to know whether this rounds up on international ATM withdrawals, anyone had any experience yet?

Hi Theo - there was a reply on Facebook from Monzo on the introduction of Coin Jar to the question

"Out of interest how does this work with non-sterling transactions. Is the GBP value rounded up or is it just not available for non-sterling? "

with the reply from Monzo

“Your Coin Jar will only do this for your transactions in GBP”

It rounds up the £ conversion amount on the original transaction, not the settled amount. But it does work for non-£ transactions.

Source: I’m overseas now and it is doing it.

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Ah groovy, thanks both

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More and more monzo feedback turning up on r/UKPersonalFinance, of varying opinions.

This one is pro-monzo, but the theme is that while the Coin Jar is a interesting feature, you should transfer the money out to an account that gains interest each week/month.

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Well, I guess it depends if the interest you earn beats the rate of inflation, and if what Monzo is offering instead is worth forfeiting the interest.

A lot of people seem to demand interest even if they are happy with sub–inflation rates. It’s almost as if ‘interest = good’ whatever the cost.

From a rational point of view interest at X is always better than interest at Y when Y < X which includes the case where Y is 0 and X is some value less than CPI / RPI / whatever inflationary measure :man_shrugging:

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I think item (1) is really neat. I don’t necessarily agree with (2) though, I think a single feed item would be better, especially if you wanted to make it extensible later - I think a daily feed item “Added to magic pot today” would be best, as described by @nexusmanic.

However, I think it would be really cool to have a similar pots which rounds direct debits to fixed amounts - say, add the change up to £20 from your phone bill - and automatically add the remainder of your weekly budget.

Loving coin jar - works nicely. Personally i’d prefer the coin jar information in the payment feed to be less prominent (example screenshot). I know it’s happening so don’t need the larger list item in the feed so in your face.

coin-jar

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Amazing idea :pray:t5:

I’d prefer if the coin jar round ups were included just below the main payment amount. For those of us who put notes next to transactions this would mean there were 2 extra lines below the transaction which would start to look messy.

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THIS is such a good idea. I HATE loose change but I LOVE cashing in a coin jar. It’s like I’m gaining everything and losing nothing.

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Wish I had £999 still in my bank this time of the month :frowning: sad times…

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Happy to photoshop some 00’s in too if it helps :grinning:

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For the love of all that is holy, transfer 1p into your account. I’m getting an eye twitch…

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Trouble with this approach is that the balance would be misleading taking the main figures into account. I’d prefer it if the total amount was in the big transaction, and then there was a breakdown somehow. Whether that’s with grey text or not.