Introducing Monzo Flex – a better way to pay later 🚀

[Peter_G]

@Carlo1460

What you mean is you would like it to show you otherwise instead of one figure.

No. What I mean is that is tells me nothing actionable, nothing useful and nothing that is of any benefit.

[Carlo1460]

Your overall account balance isnt of benefit?

[Carlo1460]

@Peter_G

Having the ability to set up a way to repay the debt would be sweet.

Also, they do this in the Manage screen on flex which tells you how much you need to pay on the next due date.

[Peter_G]

@Peter_G

• The total amount in Monzo accounts (in the pull-down all accounts/pots screen) now makes even less sense. It’s the sum of how much you’ve got in your current account (inc pots) and Flex. But it’s meaningless because it tells me nothing: not how much I own, and not how much I have in my current account and am accruing interest on. It doesn’t spark joy.

Read what I wrote

[Carlo1460]

I did.

Your home screen tells you what you own/earn interest in via pots.

Current account - £££
Flex - £££

Overall balance means you are in (or potentially in based on balances) a deficit essentially.

Manage tab tells you how much you need to repay your debt.

I think you ask too much, or aren’t really clear in what you’re asking for.

The information is very clearly there, maybe not a way you want it, but it is there otherwise you’d be paying blind each month if nothing visible was of any benefit and potentially fall to arrears or otherwise.

[Tr3vorA (Trevor)]

I agree with Peter g and have mentioned before that taking flex balance off the balance of pots and current account is useless, flex is a credit product and in my head is separate to my accounts balance. Somehow maybe showing next flex payment might be useful?

[dinosm]

I will kindly disagree - it is a very useful figure for me and people like me.

Ages and ages ago, I got into debt. At its peak it was quite high and looked insurmountable, but I worked and worked and worked some more and with careful planning I managed to pay it all off.

From that point, I vowed never ever to allow myself to go into the red again, meaning I never want my overall balance to be negative. I will always make sure my credit card balances are never more than the cash I currently have in my accounts.

Therefore, a figure that shows me my overall balance is exceptionally useful for me as it helps me stay in the black.

[Peter_G]

I do think there’s a need for a net worth figure in Monzo. And for folk like you the current set up obviously has utility. But different folks have different needs so it would be swell if mine could be met as well as yours.

[Tr3vorA (Trevor)]

But a figure showing overall balance ain’t great for budgeting your flex repayments, if you select 3 months interest free for example and can manage the repayments, you are shown a overall balance figure in the current month only. But you have budgeted your 2nd and 3rd repayment out of two future months wages not just the current month. Also how far do monzo go with this, will they next show loan balance in this overall balance as well?

[Peter_G]

Kate Kerr

This would make an interesting read or community AMA!

[Peter_G]

@N26throwaway

It’s helpful for figuring out what my monthly payment needs to be to avoid interest, but yes I agree, beyond that, it’s useless. I can’t use trends with my credit cards enabled as well as my current accounts and pots, because it’s just not helpful subtracting my credit balance from my current accounts and pots balances for making sure there’s enough to cover bills.

Agreed.

@N26throwaway

It’s a logic problem, and I’m usually very good at solving them or coming up with ideas, but this one is tricky indeed.

I kinda think the solution is quite simple:

• allow different default account selections on Spend and Balance (I want most everything, including credit cards, on my Spend tab. I just want to see my current account cash flow on Balance).

And here’s the key bit:

• let us input future transactions manually (so when i know my credit card bill let me tell Monzo what the next expected value for that direct debit is).
• predict recurring incoming payments. Why can’t I select my salary as a recurring monthly payment (in) the same way as i can tag as recurring a monthly direct debit (out)?

I think that would largely fix it?

[Peter_G]

Not gonna lie, I’d basically live in Balance if this could be a thing!

[Carlo1460]

Nope, don’t need the 1/12th as you did before. Flex your heart away

[Carlo1460]

Yeah all that remains the same, just don’t need a minimum.

Such an easy way for some people to fall into debt now.

[Carlo1460]

Just buy some milk and pay it off in full next due date

[Carlo1460]

Id guess so, never really had a deep dive of it. I have a direct debit active there but not moved enough into it recently

[Carlo1460]

Worst case just leave it over night

[Carlo1460]

Dont think that’s an issue but more to register the £500. Not sure how those fronts work.

[Cmartin (Christian martin)]

Not sure if this has been answered, but as you can use flex to pay for things that you have already paid for, by choosing it - can you do this even if the amount is more the flex ie £300 purchase, so use £200 flex to cover part of it?
Thanks

[Carlo1460]

Not yet. You need to have enough of your limit available to cover the full transaction.

You could flex said item and pay off £100, then choose to flex the rest over X months.