I think having an extra account is more of a shortcut to the problem rather than an incredibly innovative fix.
Having two cards with the same bank (where you only have the benefit of splitting funds) feels like an old clunky way of getting around the issue. If Monzo can iron out the committed spending pot issues it’ll be vastly more efficient than a second account.
It also feels “un-Monzo” to have two cards for a single CA - why can’t everything work within the one account and provide seamless integration if you have a JA or want to separate bills. That’s why I think this is taking so long - its an incredibly important and desired feature, but I suspect there are a lot of things that could potentially go wrong and so it needs to be really sharp around the edges.
I agree with both replies and I too would like to see a commited spending pot and it does seem more Monzo so hopefully we’ll get some sort of update on if it’s ever going to happen and if they are still working on it etc. I spose we’ll just have to be patient (but that’s tough)
It is hard because it appears it is such a deal-breaker for a lot of people (understandably) but hopefully this is an area where Monzo are putting a lot of effort into to refine and perfect because of that.
I agree, but it would be nice to know something, even if it’s ‘being worked on’, ‘in progress’ or even ‘it won’t be till next year’ at least there’s and update and we know where we all are etc. And if they updated us it may just cut down on half the feeds on the forum too and help a lot of people understand what’s going on
My only bugbear with the app is still the hierarchy of the list of transactions. To me, the day / date just doesn’t stand out when it’s in the same colour as the rest of the list. It needs to be a more recessive colour, maybe smaller font size.
Also, the ‘total spend per day’ feels strange to me… as there’s STILL no relation to how much my balance was at any point during each transaction. THAT is the biggest failure of Monzo right now, and the main reason why I haven’t gone Full Monzo.
I think having a rolling total alongside everything else the home feed is trying to show you would come across a little bit messy. Why do you need to know what you were on before if you can just add the “spent today” figure with the current balance figure?
If you want a transaction by transaction breakdown (which includes running totals) you can always obtain a statement.
For me, it’s:
‘always having a constant knowledge of how much my balance is in relation to everything going out’
‘How much have I spent today, or yesterday, or this month’
Because I like every transaction to be attached to my rolling total… to me, it seems like it’s counter-intuitive for a company that’s trying to educate the user about understanding money, but then make customers more detached from the actual rolling total
in their bank?
But don’t you have that with a daily “spent today”? Having a transaction feed that has the merchant, logo, cost of the transaction and then the affect on your total balance when the total balance is already at the top seems a bit of an overload to me.
If I ever wanted to see my play by play on balance I’d grab a statement (which is just accessible through app not CS or anything like that).
Sure, I take your point, but if you’re getting instant notifications at every transaction, and can immediately check the affect on your balance after every transactions - is a play by play really needed?
You’ll notice that as you scroll through the feed, all you get is a ‘per-day’ spends total. Your total balance at the top disappears out of sight which takes the only visible reference of what your balance is away from view.
So… having a rolling balance total just makes sense. It saves having to glance up, scroll back to the top to see it, calculate the difference etc.
Having that inextricable link between spends and balance just makes your money more tangible.
I feel like this is a bit of a ‘this is how it used to work and i’m used to it’ thing rather than it actually being better. I don’t really understand what’s gained having a running total in terms of helping you financial education. All that having a running total really adds is a ‘how fast have I been spending since payday’ gauge (which requires some manual working out still to figure out from these figures), and that is much better fulfilled by the summary information IMO. Seems to me like a bit of a hanger on-er from balancing your chequebook days. Maybe i’m wrong though everyone views their finances differently.
I see my balance as a key reference point. The most important thing. So in my mind, everything should relate back to it.
Money being spent is not worthwhile if you have no overall balance for money to be spent. And that is where the detachment towards money is occurring, in my opinion. It also stands to reason that having a bank account isn’t necessarily just for users to
cut back on ‘spends’, or understand ‘spends’.
I use it as a reference tool for how much my overall balance is at any given time.
But a constant reference to what has been spent and what you balance was pre and post that expenditure feels like a doubling up of effectively the same information?
What good is a constant reference to a previous balance if you have already spent since that figure? I’m not sure I quite understand what that figure being front and centre on every transaction does to help? Surely seeing the “you spent £x” is far more beneficial?
Don’t know which highstreet bank you’re with mate, but they have downtime as well but just don’t let anyone know unless most/all their customers are having the same issue, so monzo are actually doing everyone a favour and being open about what is happening and not just leaving people in the dark with thy something isn’t working