Apologies if this is covered elsewhere, I did a quick search and while I can’t find a few ideas to develop the pots feature. I haven’t come across this suggestion yet…
Intelligent pot would make Monzo incredibly useful for people who like to split out their budget at the start of each month.
For example a user could set up the following pots: £100 for fuel, £200 for cash withdrawals, £50 for spending abroad, £50 for recurring bills, and £50 in the remaining Monzo balance i.e. not in a pot.
These pots of money could be toggled as available for spending. So if all are set to active you would have £450 available to spend, the difference being that the available balance in the pots can only be spent if the transaction type matches the pot criteria.
E.g. I spend £40 at the petrol station; this balance comes from my fuel pot leaving £60 left in the fuel pot. If my fuel pot is empty/close to empty next time I fill up, I could decide if I wanted the payment to fail or to use my regular available Monzo balance (perhaps the option to do this is selected at pot setup).
This type of pot could be used for earmarking spending for a range of transactions E.g. Payment category (such as fuel purchase above), Match merchant name (could be useful if you have a Starbucks addiction for example!), Cash withdrawals, non-sterling transactions (holidays), recurring bills (DDs or SOs).
Finally, I’m sure this is in the works: offer the option to upload your own image for the pots!
The above may sound complex, and would take a bit of work to execute it in usual Monzo simple-to-use fashion but I think in practice its doable and it would make pots incredibly useful for day-to-day budgeting. What are your thoughts on this?