Direct Debit assigned to Pot


(David M Reynolds) #1

My goal (I’m sure many others are the same) is to, for once, know accurately how much money I have to spend each month/week/day without worrying that a bill hasn’t come out yet - that’s what pots are for after all.

A tremendously helpful feature to help with this would be the assigning of direct debits to certain pots:

Create a pot called ‘phone bill’, schedule £30 to go in each payday.

Take the ‘phone bill’ direct debit, and instruct it to attach to the relevant pot, rather than default to the current account balance.

When DD triggers mid way through the month, the balance is deducted from the pot first (any over-spend would have to come from current account balance).

This way - we can FINALLY end the headache of having a dozen direct debits that come out across the month and wreak havoc on our balance planning.


(Dan) #2

Hey @Davidmreynolds

This has been asked for lots of times on the forum. It’s something Monzo are looking at but we don’t know when we might see it :slight_smile:

For now… you should try the new Summery Tab in Monzo Labs, which is a good start for you.

Its still very Beta so, It doesn’t take into account Direct Debits yet, but maybe this week or next it will.

Hope this helps
Dan


(Nadia) #3

I could not agree with this more, I hate having to remember when bills are going out! If you could create pots for your bill dd to come out of life would become soooo much easier. It’s such a key part of what Monzo is trying to achieve its such a shame it’s not yet a feature…


#4

Come on Monzo… sort it out :hugs:


#5

Personally rather than assign direct debits to a pot and have card payments from the non-pot part of the account, I would rather assign card payments to a pot and have direct debits from the non-pot part of the account.


#6

As my DD’s are for similar amounts each month, for me personally a pot for those payments is a better option.

As a working example… My DD’s are say £400 per month. I could transfer £400 to my DD pot and my bills for the month are taken care of and everything else is mine to spend.

As pots only have as much as you have transferred into them, not sure it would work for card payments that vary in amounts and can be unexpected amounts

Just my thoughts


(Josh Carson) #7

Bump!

This is the only thing keeping me from going #FullMonzo. Currently I have entire account dedicated exclusively for DD.

If I could assign DD to a specific pot, even if i’m limited to a single pot, that would be a tremendous help! As previously mentioned above, if a DD exceeds the value of the pot, drawing from current balance would be a great backup (Or you could maybe have a nominated backup pot?)

I budget my money weekly, but get paid monthly. Which means I keep the majority of my available balance in a pot, and transfer it to my main account every Thursday.