Committed Spending Pot


#1

Just a thought from me here:

Now that committed spending has been (mostly) worked out, how about if we could have a pot named Committed Spending, which would work as follows:

  • Every payday, the exact amount you need for your committed spending (plus maybe a specified-by-you “buffer” amount in case your DDs go up in a given month/pay period) is automatically placed into this pot
  • Then the committed spending DDs and standing orders come out of this pot

This way, your committed spending money is automatically ring-fenced to prevent you from accidentally spending it and you know exactly how much you have left to spend every month.

Any thought/improvements?

EDIT: Monzo guys, is this feasible?


(Sam) #2

This is the exact kind of feature I have been hoping that Monzo will implement. It will mean I can close my account with my legacy bank and finally go #fullmonzo


(Kieren) #3

Ditto, admittedly my savings would stay in a legacy bank as ‘Pots’ don’t give interest (to my knowledge) but it would make me more inclined to make my Current Account #FullMonzo (I’d also want Paym though)


#4

@KH1988 They are hoping to offer competitive interest rates on Pots in the future:


#5

Hopefully it’s on the cards! :smile: