Does Summary do something I don’t know about? What most of us are asking about is a clear way to separate day-to-day spending, from regular outgoings like bills. Summary doesn’t do that.
Personally, I want a harder divide to help me manage my money and break the cycle of ‘borrowing’ from my bill payment account and then trying to pay back into it before the next bill comes out.
In Scotland this is paid via the council tax. There is also the option to pay Scottish water direct, not sure of how often this used.
To don_quixote.
Don’t feel improved pots would allow me to do away with 6 bank accounts as I need a number of different account numbers.
It is possible that pots and the account could be improved to produced advanced downloadable reports so I could filter by date ranges, amounts, in or out and tags or payees but this will not solve the main problem.
1)Where I have two investment accounts with the same company some require different bank account numbers associated with them for paying out to (sometimes in from as well) and this is a requirement from those companies.
3)Currently separate banks for different purposes makes it less complex to produced reports and follow money to complete the different sections of tax returns for HMRC and to check for myself during the year.
e.g. I know can filter my bank statements to show £XXX for the financial year went through personal investing Bank 3 to institution A or B or C. Thus I can follow what I have put beyond HMRCs reach into say ISAs in institution A or have relevant EIS certificates if invested in Institution B, etc and the total £XXX is accounted for.
I can ignore personal & family spending Banks 1 & 2 as will be nothing to report from them to HMRC but I can produce reports to see where, when & what I/we have been spending.
This makes filling in my tax return less stressful, easier, quicker and less prone to errors as it can be crossed checked with reports.
I also have my own budgeting and investing spreadsheets as I haven’t found a program that does want I want. They are either too simple or too complex!
So in summary
Yes, pots and the Monzo account could be improved .
No, it will not allow me do away with all my other bank accounts, maybe one or two.
Also I believe in diversification so that includes having money in more than one bank and having back up plans A, B, C and even D.
I’m currently full Monzo, with my Natwest account as a backup until a loan with them has been paid off.
I’m currently a bit twitchy and I am seriously considering moving a lot of my activity away. I got on board with the vision, but when it’s taking so long to get to that vision, I have to question how much longer I can wait to get the best out of my banking. In my opinion product development seems slow - I don’t know if a lot of technical debt was initially created or there tends to be oversights in architecture (similar to when the data model had to be refactored to accommodate pots on joint accounts).
If I do leave (generally, not fully), I’d probably split it this way:
I would then keep my eye on feature developments to gauge whether returning to Full Monzo would be worth it at any point.
Thank you for the deatiled reply.
It is always great to get someone elses perspective on an idea you have!
I think it would be a good idea to ‘define’ what we mean by #FULLMONZO or Monzo as your bank account. I would definitely say I use Monzo as my main bank account but I wouldn’t ever move EVERYTHING to Monzo and I’ll always keep accounts open with other banks.
If you do have other accounts, what would you say is your “Main Account” and why would you say that is it?
Well for me, I believe I am #fullmonzo as my salary is paid in each month, all my D/D’s come out of my Monzo account and just have a Nationwide (savings) account at 5% which also gives me the Flex package travel/device/breakdown cover.
I recently closed both Barclays and NatWest accounts.
Presumably this is why I may have been selected for the Monzo points trial, as I predominantly use my card everywhere.
It just looks like, for the most part - those who aren’t or wouldn’t call themselves #FULLMONZO are those who have their DDs in another account. - Is this “definition” something that would get Monzo more revenue or better analytics?
I’d say I reflect your set up quite heavily - apart from my savings are elsewhere, but all of my spending, DDs included are through Monzo.
Salary IN.
Direct Debits OUT.
Would seem to be the simplest way to define #FullMonzo?
Exactly.
It is then your main account like the description says. 
I just think it may not be so cut and dry - so for someone who has their Salary IN but then moves X money to Y account where the DDs are taken out, since they want things separated. But then the rest of their spend is in Monzo.
#FULLMONZO suggests to me - albeit we have a “definition” now that you only have Monzo as an account which I don’t think is the norm.
Main Account - however could be construed differently. Some may feel like where their DDs are taken is their main account whereas some may see it as where the majority of their spend is used.
EDIT: I suppose I say this because of the ‘Hub and Spoke’ dynamics Monzo want to pursue - just thought it may be an interesting point to find out what people would say their “Main Account” is!
I think you’re looking into it too much - but either way, does it really matter? 
Nobody gets treated any different or are given any extra features for being “full Monzo”. Just use as much or as little as you like 
Yeah sure. 
I’m not saying it matters - just wondered that say for those who would say they haven’t moved over fully, what their definition of their Main Account would be - I would think that these sort of analytics are important to Monzo - what would be in their best interests to have, the DDs or the discretionary spend.
Oh I know that, I just find the psychology I guess quite interesting.
Main account - Salary IN.
Is that simpler?
I manually moved in all my Direct Debits manually as did not want to close longstanding HSBC and less longstanding Starling
Hence no CASS
Guess I will never be #FullMonzo then 
Monzo is my main account but I keep my HSBC one open a) for random things like paying in cheques and b) sentimentality. My Dad opened the account for me when I was 11 as a rite of passage. Would feel so weird to close it!
I would guess direct debits since that is on the list I showed you.
Although I’m sure they’ll just be happy that you’ve opened an account and that they can market to you, regardless of what you do with it 
I’m not trying to look for a bulletproof definition, more what people would say, for them, would be their “Main Account” if they do have a number of accounts where things go on separately!
Same 
Oh definitely! It may be that DDs look better on the negotiation table for things or may mean you’re less likely to just jump ship.
