Hey, so I’m a few weeks into using monzo and it’s great. Initially I thought it couldn’t replace NatWest as I like to have 2 accounts, one for bills and one for spending.
Committed spending seems to change that idea but I am a little confused.
Let’s say I have 10 direct debits and I sit down and change them all today to monzo, how will the monzo know they are set up? Do I need to wait an entire month for all the first payments to come out and from this point monzo then knows what is coming out every month and from that point knows that my “spending money” is, based on what’s left after the bills come out (even though they haven’t come out yet)
Thanks in advance for anyone who can clear this up for me
Also, I have a few bills (ground rent and maintenance fee for my apartment) that come out every 3 months. Can a standing order be created from the monzo current account into the “pot” so when I need to manually pay these bills every 3 months I can remove the money paid into the pot back into the monzo current account