Fake Overdraft - Your Thoughts to make it work better

Hello All.

I have had a monzo account since the per pay days but have only been using it for holidays and paying friends on nights out. Recently came back from Turkey where I used Monzo again and thought why am I not using this all the time?

Anyway today I swapped my salary over so my next pay will be coming directly to Monzo and I have started to move over my direct debits. I did not want to use a transfer as it would of closed my legacy bank and I want to hold onto it until I am all happy.

Anyway long story short. I was a bit of an idiot when younger so I cant get an overdraft with Monzo I totally understand why perhaps in the future they will allow me but today in my legacy bank I have £200 and I like this as a small buffer.

I have created a pot called Fake Overdraft and put £200 and want to use this like a fake overdraft. I understand I need to manually move money back to my main account if I need to use it which is not really an issue but was wondering if there is any automated way to re-top up the pot to £200 automaticly on my pay day e.g. I spent £50 from it in the month leaving £150 and on payday it would automaticly transfer £50 back over to take it back to £200. I thought I may be able to do this with iftt however I have not been able to work it out.

Whats everyones thoughts on this? Is there a better way to work this for me or has anyone set up a similar ifttt rule that could help me out in getting it set up?

Anyway this time next month I will be full monzo and quite exicted about it!

Thanks all.

If you know exactly how much you’ll dip into it every month you could set up a scheduled transaction into that pot on pay day? Although this will be static and so if you spent more in one month you’d have to re-arrange the scheduled transfer.

I was hopeing more like a rule that would know how much I had spent and just re-top up to the £200 on payday. If its not possible thats OK just feels like something I should be able to do with a rule of some kind in the app or with ifttt

That’s exactly what I do.

Amazing, How do you work it? Do you have any automated system for topping it up on payday or is it just manual?

Have you looked into IFTT? I’m not sure if it could help with this, but it’s worth investigating.

I have had a look but was not really able to work it out for doing transfers to pots on certain days base off of the balance. May spend some more time on it tonight and try and see if its possible. Thanks :slight_smile:

Just manual. It takes a second or two, once a month. I’m not really keen on automation when it comes to money. I always feel I have to keep checking to see if it’s worked properly; so much so that it kind of defeats the object of doing the automation in the first place.

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Thanks :slight_smile: I do like automation but I totally see your point! I will just stick to manual unless I can get it to work with IFTTT Glad to see I am not the only one doing this thanks for sharing.

I looked at IFTTT triggers a while ago, and from memory, I don’t believe there are any which will trigger an action based on income or balance.

What you could do is set a scheduled payment into the pot every month of £200. Then, if there’s anything left in the pot before payday, it’ll be savings.

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Now thats a good idea I had not really considered that. Thanks :slight_smile: I can always move money back from it for whats over 200 each month which would be fast and easy to do.

This idea has already been suggested. You can vote for it here:

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Amaizng I did not know thanks! Votes away!