Committed spending - questions


(Mark) #1

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

Many thanks

Mark


(MikeF) #2

Your first question is still one of life’s great unknowns since Direct Debits don’t co-operate with the Committed Spend section yet. That should be being worked on as we speak but I haven’t seen even a provisional release date.

If I had to guess, I’d say your probably right. Whatever they base it on will need at least a months worth of data before it’s going to have any idea what’s going on.

With regard to your second question, automatic monthly transfers into pots is also something that isn’t supported yet but is on the roadmap for the next few months I think. At that point then you can automatically put stuff in every month then take it out as you need it.


(Mark) #3

Hey. Thanks for the reply. So what does committed spending currently do?


(Mark) #4

As there is currently a message saying it automatically deducts the bills before they have come out? So is this message not true yet?


#5

It’s currently only for standing orders.