Impossible to have sort code and account number for all pots?


(Duncan) #1

Forgive me if this has been discussed before. I was wondering about pots. We current have the ability to do scheduled payments into a pot, and we have the ability to do scheduled payments to a numbered account (sort code, account number), but pots don’t have an account number so certain combinations aren’t possible - like sending externally to a pot (sure, you can send to your main account and then scoop it up with a scheduled pot, but there are other examples where you might want a sort code and account number on your pot.

The thing is that as Monzo just uses the one sort code, it’s not really ever going to be possible to have fully addressable (sort code / account number) for all our pots, because per sort-code there are only 100 million unique account numbers. Sure, it’s a limit that won’t be reached soon, but it’s a limit that is well within Monzo’s target customer pool size.


#2

What times would you want to pay into pot directly? Just trying to think of any personal times I’d ever need to? If full monzo, salary into main “pot”, and then trying to think of times I’d want to bypass main account ?


#3

I can think of times where you might want someone to pay directly into a Pot (perhaps work expenses?) -Especially if you can also pay OUT of a pot down the line.

It’s not something I’d personally be doing (given the current functionality, I can’t see where it would suit me), but I can kinda see where it would help others.

It would be good if you could treat your account/pots like email aliases - They all come to you anyway, but via different methods.


#4

So use the reference as a way to auto route to pot kind of idea ?

Got it now with things like expenses, also thought of one myself after posting, group of us went away last year, and they each paid me X amount a month, would of been good to have ring fence off in a pot instantly.


(Jack) #5

A good work around for this could be IFTTT or some kind of customization rule based on the reference.

My own opinion is lots of account numbers gets confusing.


(Duncan) #6

I pay myself from a business account (I am a contractor). The payments don’t look like normal salary payments - they’re less frequent, but larger. For me it would be good to be able to pay into a pot directly, and then pay my “virtual salary” out of that pot, into my main Monzo account every month.


#7

An example id of never thought of and completely makes sense :slight_smile:


(Foxy) #8

Some building society account types have the same sort code & account number for everyone and you have to specify a reference/roll number for the payment to end up in the right persons account. Potentially this could work for direct payments into pots if the pots were given a reference/roll number that is specified when making a payment.


(Duncan) #9

That’s a great idea.


(tom) #10

It’s an interesting idea, and certainly possible. Not on the immediate roadmap, but perhaps in future.

Modulus checking means that there are less than 100 million addressable account numbers per sort code.

But banks can also have multiple sort codes. They used to be allocated per-branch, I believe. RBS has about 1000 active sort codes.


Cards for pots
(Tony) #11

TBH you could probably accomplish this in the interim if a new IFTTT trigger for “receive bank transfer” was created which included the reference used as a queryable value. It wouldn’t be pretty (and you’d need a new recipe for each possible pot destination as you’d need to link the reference to a specific pot) but it would work. Or at least I think it would.

Edit: I’ve just realised you would also need to know the amount of the transfer too. Hmm.


(Duncan) #12

Ah yes, I forgot about the error checking redundancy. Regarding sort codes, I assumed that the drop in consistency and thus ease of use caused by introducing something other than the one vanity sort code Monzo has at the moment would prevent that possibility. Certainly the roll/reference number idea above would be a useful solution. Even better if it was available via IFTTT sometime in the not too distant future :wink:.


#13

Yup, my local Barclays branch before I went to Nationwide and then to Monzo had it’s own sort code. I think the entire xx-xx prefix was assigned to Barclays (though Barclays have apparently redone their sort codes now, so it might not be the case anymore).

I wonder what Monzo’s second sort code could be… hopefully it’ll be as neat as the current one. 05-00-05 is assigned to CYBG :frowning:

04-01-04 doesn’t appear to be in use though…

Liam


#14

I agree.

It’s basically requesting multiple accounts instead of designated pots.

It would be like having a Tesco current account and half-a-dozen Internet Saver accounts.


(Lewis King) #15

That’s what I used to do to mimic “pots” with HSBC. except I couldn’t name them… nightmare.


(Duncan) #16

You can name then with Halifax/BoS. Their interface still sucks though, and the whole experience is nothing like Monzo.


(Dawid) #17

When I read this post I imagined almost like internal IP addresses in a network. The pots wouldn’t have to have actual account numbers or sort codes but just a unique identifier. If you use it in reference message to a Monzo account - Mozno could perform a matching for existing pots first.

Then we wouldn’t have to tinker with muiltiple account numbers etc. Pots are quite quick to delete/create new. Something like internal masks could simplify it.


#18

this is what we need, they need to work on a lot more triggers and actions, and then you can do pretty much what you want.


#19

bunq provides up to 25 accounts and no one complains of being confused. You can give them all custom names, so that helps.