Coin Jar Feedback Thread

This makes me happy :monzo:
Works well for me although I’d prefer to have one notification instead of the 2 separate ones.
Overall, a win for monzo, as usual.

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Did the coin jar transfer happen immediately based on the estimated GBP amount, or did it wait for the final settled amount a couple days later?

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It was because of transaction less than £1 as others have highlighted. Tried later with a different purchase at £2.35 and surely enough the rounding went to the coin jar (immediately)

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It happened immediately. It settled at the same amount too, but I think Simon (not SimonB) confirmed it goes out immediately rather than adjusting again after.

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It’s fairly new. They used to offer 25p off coffee, but now 50p (if you bring your own mug).

Just a thought on the implementation… The auto round-up could be activated on any of the pots under the option cog menu (don’t know its official term), with an item such as “Auto round-up”, so any transactions go in to this pot. At a later date, select a different pot if desired then choose auto round-up on this pot.

A bit like default printer’esk approach (which is what made me bring it up)

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Why would Inuse the Pot Jar instead of Moneybox where I can invest these changes?
I’d love to hear some thoughts.

Moneybox takes a lump sum once a week which isn’t ideal for a lot of people. Personally I prefer my transactions to round up in real-time , I can then move my Coin Jar savings into my investment account once a week/month.

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This is exactly why I can’t get along with Moneybox

(I would do both if I could afford to do so)

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I used it and it really isn’t ideal for people who are only casual savers. Anything you invest in and the pittance you earn immediately goes to the fees you have to pay. Unless you could have minimum £1000+ in it I don’t think you would make enough, at one point I was down £2 or something after fees and trying to get your money out takes ages too. I know you have to play the long game, but it’s just easier to put that amount in somewhere which earns interest if I’m not doing it seriously.

With the coin jar you can take it out whenever you like and put it into a savings account if needed, or sweep it back into your next month’s budget. If you enjoy playing with stocks/ bitcoin/ investing it could be a viable option, but for me the coin jar is a good option for casual saving :+1:t3: they arguably cater to different needs/ users

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The thing that turns me off is its a LISA right? I don’t want to put money into a LISA particularly

I think it’s one of the products they offer, but you can do a normal ISA. But maybe a more recent user of Moneybox would like to weigh in?

Could be worse and be a BART :wink:

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Screenshot_20180308-131403

I am about to close it though… @evangelskies has made my mind up for me :heart_eyes:

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Does this work for international ATM withdrawals as well? (£ ones are always a round number). Does it count towards the foreign currency ATM limit?

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Just closed it. Had absolutely no idea that there were any fees involved

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They don’t charge for the first three months, then it is £1 (used to be £2 and free two months when I had it) per month plus 0.45% of your total annual investments. I wasn’t saving enough in it and pretty much giving them money so I tried to get out. Waited a month to get my money back I think. My friend was down £1+ after getting out of it :joy:

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I was only planning on saving £2 a week :joy:

Thank you so much for the heads up!

Oh, you’re definitely not earning anything with Moneybox then. :joy: get out

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1520518438006565952797 had to test it, It’s true. They even gave me the coffee free as they loved I brought my own mug

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