This would definitely encourage me to leave my legacy bank and go full-monzo. I use my legacy account to keep the money I know I need for bills in and they are DD’d from there, if Monzo could lock this away in a commited pot and automatically take bills out of there I’d go full monzo in a heartbeat.
Just adding my vote here. Not being able to smartly/automatically separate my “bills spending” from “day-to-day” spending is the only reason I haven’t gone full Monzo.
At Metro (my legacy), I have two current accounts. My pay goes into one, and that’s where all my DDs come out of. I then transfer my weekly spending to my second current account - this account is now empty as, instead, I transfer to my Monzo account. But that means the bulk of cash and debit activity still happens at Metro rather than Monzo.
Committed spending pots would definatly make me make the switch from my natwest bank
+1 to that
I like to lock my rent away as I get paid on the last day of the month but my rent goes out on the 27th, so it sits in my account for the whole month.
So my summary tab is completely useless because it always looks like this. I think a committed spending pot would fix it, no?
Have you manually set a budget for the whole month rather than it defaulting to the balance left in your account? Might solve the problem
if it was me id look to see if I could change the date of the payment so I paid it as soon as I was paid.
then it’s gone. not impacting your budget or spending. and Monzo would help you better.
I don’t know if this would help, but a basic version of this that I’ve done is for my weekly lunch budget at work. I wanted to be able to use that as a committed spending, but instead I work out my budget for the month, like £5 day for example and put £150 in to a pot. I then just set an IFTTT action to give me £5 a day out of that pot. That way it kind of cancels itself out every day so my balance isn’t effected.
Would doing something like this work if you put all your DD committed spending into a pot and have it to pay you every time one comes out? I don’t know if there’s a way to set separate triggers for each day and the amount one gets paid?
Edit: a guess an easier way than lots of separate actions would be if you changed all your direct debits to the same day and had one trigger to take the money out of a pot on that day? It would be a faff to change all your DD’s though I suppose.
I have done exactly the same as this regarding my lunch pot.
I have also set up ifttt rules so anything transport related gets reembursed from my transport pot.
To all the people who are saying “But Summary tells you what you have left to spend,” I think I worded my initial post in the wrong way. Summary does tell you how much you have left to spend, but it doesn’t prevent the money from being spent by accident/if someone else got hold of your card (I know a lady whose Fortnite-addicted child emptied her account right after payday so he could play Fortnite). In the latter case, freezing your card is helpful, but not always a guaranteed thing as you can only freeze the card once you realise it’s gone and some people take longer than others or are simply away from their phone for long periods of time (e.g. some workplaces have a no smartphone policy)
Any news on this feature at all?