Core App: Better payments

We have improvements planned for references as part of the payee work. They definitely leave a lot to be desired! Stay tuned.

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Thanks, I will. That’s (hopefully) good news.

Two main things for me:

  • Incoming, non-Monzo payments counting as an increase to budget. If my girlfriend pays me for the weekly shop without using Monzo.me then my budget is inaccurate as it shows I paid for both of us, because that payment (even when categorised) doesn’t increase my budget.
  • Being able to categorise moving money into a pot. I buy most stuff via Amex, so I wanted to move money into a pot just for that direct debit whilst budgeting. But I can’t do that, as I can’t categorise the money moved there. Instead I have to have a separate current account that I can send payments to, with the direct debit coming from there.
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Another thing that’s just cropped up for me, have the ability to see another monzo contacts joint account as an option to pay into, not just their sole account.

This could be a toggle to the user to see if they want their joint account visible on the contacts payee list

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Some great ideas in this thread.

Not sure if the below have been mentioned already but this is what came to mind:

  • The ability to schedule / set re occurring internal transfers between personal and joint accounts

  • The ability to pause an existing re occurring transfer for x cycles rather than having to delete it and set it up again

If @kavi or @robinb have a chance, do read this:

I’ve having more or less the same experience again (although a few of the minor pain points do seem to have been fixed :bowing_woman:) and thought it would be useful to share a personal experience.

A brief progress update:

  • We’ve built a new payee profile – it’s not radically different but we hope it’s a bit more intuitive and allows us to do a few more things much better later on (linking other flows etc.)
  • There’s an improved add new bank account screen – not the most beautiful screen I have ever created but it’s very functional! It now has the ability to add a default reference to a given bank account, and you can also now edit bank accounts (without deleting and creating a new one) :tada:

Hopefully we’ll be in a position to release these first bits fairly soon (weeks). There’s also plenty more to come that we have planned – editing payees is up next – but somehow it’s already November :grimacing:

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Sounds great!

Excited to see the first updates here, and thank you for keeping us in the loop :blush:

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Sounds like good improvements and thanks for the update!

Any chance this functionality will be protected by the card pin? It’s currently possible to add and remove banks from contacts without entering pin, and given the app has no authentication to access by default, it’s a bit of a security concern for me.

The name warning pop ups wouldn’t deter me if a would be threat actor got access to my app and replaced a contact’s details with their own, because the system is very finicky and doesn’t work with many of my payees as is anyway.

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That update all sounded so good until you said:

That word is banned on the forum.

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:soon:

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Just as a point on this can we please be able to edit the accounts name for a payee e.g. I have one which is named “Northern Bank Limited T/A Danske Bank Acc…” which is so big it doesnt even fit in view, id love to be able to name it Danske Bank.

Also please add missing logos for those that dont have any at the min.

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Great to see progress!

Do you mean bank account here, or payee? If you do just mean bank account, I don’t think it will address my personal major concern, which is I’d prefer a default reference for a bank account/payee combination. E.g. both my children have an account at the same building society, so they have the same bank account, but each child (payee) needs a different reference. Same when two people on a joint account have a credit card with the same provider - same bank account, different reference.

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Not sure this fits this exactly, but…

I want to do this challenge, but I don’t want it coming from my main account and leaving it unrounded, I use the roundups and I like that it saves the extra for me.

If I could use my round-ups pot to pay into a 1p savings challenge pot, that would be amazing!

I cant really get my head around this one, so you want to micro save from your micro savings pot?

Suppose this more fits into being able able to set a pot as a “source” or an “account” to be able to make that sort of thing work.

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Basically, yes. I tend to take chunks out of my round-up pot as and when it hits certain amounts, but I like the gradual form of this and I would hope to leave this pot alone completely.

Why don’t you just save £56 every month? At the end of the year you’ll have the same amount in savings as you would from the 1p challenge?

Ah thats very different.

For me I’d notice the £56 coming out of my budget at once and would then have to account for it, whereas the 40p… £1.30p… £3.10 or whatever that daily amount is you dont notice really and dont have to readjust for and its great how much it builds up.

I currently do £5 on Saturdays. Maybe I’ll do £1 a day too. Nice round figures.

That will be a bit sort of the 1p savings pot, but not that far off.