Iโd love to see balances in the app like this, itโs exactly where Iโd like Monzo to grow but I am in two minds about putting the money aside as I spend.
Itโs definitely not what I do at the moment but I like the idea. The problem for me is that the month where I transitioned to that mechanism from what I do now would be painful and probably very overdrawn.
Iโd need to give it serious thought.
The other thing Iโd want to be careful around with this is the impact on the summary Comitted Spending figures. Current card balance clearly only reflects future DD at the very end of the month but there may be room for some clever calculating in there somewhere to mesh the last months payment with this months running balance to try and reach a better estimate of future balance. I clearly havenโt thought about what I would want that to look like.
I have one in my nameโฆbut itโs corporate so use is exceptionally restricted. I need to try and find an excuse for some business expenses once this launches.
Iโm hoping (even if itโs in a later iteration) that there will be the option to see Amex transactions in the usual feed/count towards summary as well as just viewing the balance. Then I would be more inclined to put more of/all my spending on my Amex and reap the rewards while still getting the benefit of Monzoโs budgeting features. I might be dreaming though
Summary in Account Balance mode is how I keep an eye on my monthly spending. Adding Ames stuff in there would make it unusable for that so Iโd want to see DDs etc accounted for in Pulse first.
Iโd also be one to vote for individual account feeds rather than a combined one.
Having said all that, if I moved to putting
money in a pot at transaction time then this may make more sense.
I use my Amex card a lot - this is a great direction to move in and Iโm excited to see it working.
I tried the whole open banking thing and the experience is horrendous in other banking apps, I added nationwide to Barclays and I have no idea why they thought real time updates were not something they needed to implement.
Applied for an AMEX this afternoon in preparation for this!! I would also like to see individual transactions and be able to categorise them on summary