If you have £100 balance in your account and that is broken down into Category A £50, and Category B £50.
You spend £9.50 from Category A. 50p goes into the Coin Jar.
You now have £40.50 in Category A and £50 in Category B leaving you a balance of £90.50 (target). However you actually only have £90 available as 50p has moved to the Coin Jar!
I’m sorry @nexusmaniac , it was late. @Peter_R is correct. I meant the 25% bonus The LISA is better if you know you’re not buying in a year - £4000 per year and 25% bonus. My interest is 0.75% I think.
@stephenjames - I moved to a job which reduced commuting from £200 to £0 and live with my parents
Does anyone know if this works with bank transfers and direct debits? Or only card transactions?
I would love it to tidy my account with DDs and SOs lol, but nothing coming out for two weeks so I can’t check haha.
@sacha - originally the LISA was Stocks & Shares. Skipton offered the first Cash LISA which is what I have. Got an ISA and a LISA on the go, both cash
As for the TfL transactions - Coin Jar calculates at authorisation, not presentment which is why it’s a bit hit and miss as we don’t save on anything less than £1.
Put simply I Love this feature, used to have something similar on an old lloyds account and it’s great for someone, like me, who isn’t quite earning enough to be a big regular saver. Plus I like having a nice round number showing up on my account balance hope it’s here to stay !
As an extension to the coin jar, how about also rounding down when you receive income.
e.g. receive salary say £1,234.56
Instantly make a 56p transfer into the coin jar.
I’ve become a bit OCD since the launch of the coin jar. When my balance doesn’t finish in a round £ (for instance after a monzo me payment) I will manually transfer the pence into my coin jar now.
I neeeeed this. I have a little bit of a thing when it comes to my balance being on a rounded figure. I used to send my partner/friends random 1p/2p/5ps via Monzo in order to bring my balance to a .00 or .50 figure hahaha.
Really cute idea. Savings soon add up! I feel like my home feed of transactions is now a bit messy though. Could the automatic savings item be a smaller sub-entry to the main transaction rather than having its own entry in my feed each time?
I think they are just testing the water at the moment. And early/keen adopters can give some good feedback. Feels like more of an Easter egg at the moment. Expect it’ll be integrated more intuitively in the long run :-).
There’s a bit of confusing information being displayed if I view my pot when there is under £5 in there. It defaults to the £5 withdrawal, and shows an incorrect transaction underneath the pot and card.
Admittedly the withdraw button is disabled (although it’s not that clear it’s disabled). Think it’d be better to show the max value possible if under £5. I also didn’t realise that you could tap the value and enter it manually (maybe some on boarding could help with that).
Edit: For info, I’ve currently got £1.26 in the coin jar and £67.36 on the card.
I like the new Coin Jar feature, but I’ve just had a payment (which was rounded up), which resulted in two push notifications. Might be worth filtering these?
Yes the pre-filled whole amounts to send to Pots is a rare Monzo user experience fail to me. It’s definitely not clear the amount is editable, and I’d imagine it takes as much time to use the + and – as it would just to type your preferred value.
I think that’s the best idea. Many of us wouldn’t want to see just the rounded-up value in the feed but we’d also like to see just one feed item for it all.
Just wanted to say that I’m on a tight budget, very very tight. I’m 99% sure that I have less money than you,
And it still works for me. Definitely worth a try mate, spending £4.47 or £5 isn’t really a huge difference I’m sure you would spend the difference elsewhere if it wasn’t put in a pot
I really like this idea. It would show easily at a glance how much I’ve ‘spent’ i.e. has left my account, but also still have the detail about how much the purchase actually was, easily visible if required.
I personally would prefer this to a separate grouped Coin Jar transaction for each e.g. day.