This is their ‘savings sweep’. I’d like to be able to use it, but the thing is I can be paid up to three days early (accounting for bank holidays) and I’d therefore have to set my sweep that early, as leaving it until the usual day before would run the risk of my entire salary being swept if paid in early.
First Direct also make a bigger deal of pending transactions, especially in their app. I’d like to think the sweep would take into account any amount they know will be debited shortly afterwards, but I’m just not confident their systems would be that intelligent to pair the two occurrences (impending automated sweep vs. impending transaction) as their computer system is so ancient.
First Direct’s saving grace here is their fee-free £250 overdraft, but I shouldn’t have to rely on an overdraft to cover inadvertent eventualities related to saving money!
In theory I’d love this kind of facility, but I’d have to trust Monzo would build something awesome and intelligent.