The pots design sneak peek has been around for at least a year, I think, and what it shows is pretty much what we got so like it or not, it wasn’t rushed!
I’m sorry if I’m being obtuse, but again, I don’t understand why you couldn’t just keep using the monzo card like you did before, without taking advantage of pots and such.
Can’t you just keep doing what you’ve been doing?
But if you want to use Monzo only for your discrete spending fund, you can do that. You do not need to pay your salary into Monzo, or pay your direct debits from it. You can continue to use your existing bank account, and just move over your spending money.
Or you can jump whole hog, and make use of the features that are there now, or that we’ve been told are coming. I’ve gone full-Monzo and am more in control than ever before.
And as @caspararemi said; you can do all of that from the current account. You also have the option of using Faster Payments to transfer money in, or use a standing order to transfer money in. Now that debit card top ups are back, I’m using it in exactly the same way as I used the pre paid card.
As far as I’m aware, bills such as utilities etc do not report to CRAs unless you’ve defaulted and they’re unable to get a payment from you. Then the utility company would report your details to CRAs and it would be on the name of the person with whom the initial contract was. So if a bill was in your name, it doesn’t matter if the payments used to come out from a shared account/pot, the default would be on your credit report as you were the person responsible for the payments.
Thank you for your reply @Frankiejr
I currently have 12 starling goals, each with their own custom picture. It’s great.
If we can assume that eventually starling and Monzo will have similar features sets, with pots/goals being a key differentiator from legacy banks, then the bank I end up using will be the one with best pots/goals UX.
It seems to me that starling thought about what a good UX for goals would be, and then implemented an appropriate UI for it.
Sadly it seems like Monzo started with an existing UI and tried to mangle the UX to match.
The statistics show that 99% of our users who have created Pots have created less than 5, so I disagree there. Obviously UI is very subjective though!
It is still very early days however. The number of pots created/used could well increase over time, especially as functionality improves. I imagine this will include a portfolio of transient and permanent pots, the former for one-off goals like saving for a holiday. I for one may consider splitting money into respective ‘category’ pots I.e. ‘Transport/Trains’, ‘Social Activities’, ‘Shopping’, ‘Eating out’ etc…
Absolutely, and we’ll iterate over time based on feedback
I’d suggest that the UI encourages people to not make that many pots. By the time they hit 5, they quickly realize that more would become unmanageable.
I only bothered creating 1 to see how it worked, and given the lack of functionality at present, there isn’t much point in creating more.
Still not custom on mine with the latest update - am I missing something simple?
The plus and minus buttons will still be there, but tapping the number itself should bring up a keyboard.
That’s probably because the pots at the moment aren’t very good.
I know i would like to make more use of them but until you can add custom amounts and set up regular payments into them, I will be sticking with my Starling goals. I currently have 6 savings goals for various things and if/when we get the ability to pay bills from pots i will likely have a few more, maybe up to a dozen.
Not having a go at the developers or Monzo here. Just offering an explanation to why people probably aren’t using pots as much as they might do in future.
You can do this in the latest iOS release. It’s not immediately obvious, but if you tap on the amount, you can change it to any value.
And set up regular payments…
True. I was merely adding a clarification
Doubtless, pots will evolve in the (relatively) near future.
Let’s hope so. I’ll definitely make use of them once the functionality increases.
Are Pots on their way for Beta users today?
Do you mean for android?