I don’t use pots. They don’t serve a functionality right now for me. This is mainly because I would have to manually do things.
My banking structure for reference is:
Pay goes into current account ‘A’. Bills also come out of current account ‘A’, mostly on the day after payday. I have a standing order each week going from current account ‘A’ to current account ‘B’ for my weekly spends. Monzo is current account ‘B’. I have standing orders going from current account ‘A’ to my LISA, savings account and Nutmeg investment account. Any money left in current account ‘A’ at the end of the month is automatically swept into a savings account.
This is all automated each month and I get a text alert on current account ‘A’ if the balance drops below £50. This is usually fine a week before payday but it is helpful to alert me to any impending doom before then.
If Monzo could replicate this system somehow, I would be more inclined to use pots. If pots had more functionality like assigning certain payments, direct debits, account actions like standing orders or even their own sort code and account numbers, I would use them.
My ultimate wish, would be for you to replicate Bunq’s multiple current accounts. They give you 25 current accounts per month (they do charge this on their fee band but you can make them in the trial and keep them after it ends…). Each account has its own IBAN (sort code and account number equivalent). Your card is attached to the account you choose and can be changed in app. For my banking needs it would be perfect, its just a shame Bunq is in Euros and doesn’t work fully in the UK right now…
