This has been typical with Android on Monzo since the start, we are second class citizens. Would be good for a projected update on if and when this will come to Android
I predict with more features, and a better navigation, that figure will easily increase. I like that it exists and think Monzo have done a great job with it.
I personally think the only reason it is so low is due to the usability of them. Something that can be easily iterated on.
Currently with HSBC I have both a savings account and a normal account. When I get paid from work, half of it gets put automatically into my savings account by direct debit.
Having this with monzo would push me over the edge to move banking completely.
It would be great if you could have a pot like feature where you can store money specifically for bills. And when you setup a standing order or scheduled direct payment it would always take the money form this pot.
Iād set aside Ā£40.00 in a pot labelled āGroceriesā a few days ago. I knew I wouldnāt be able to get to a supermarket until after work this eveningā¦
So, I got to Sainsburyās and opened the Monzo app to shift the Ā£40.00 back to my regular balance. My phone battery was only at 13%. Iād mistakenly left a battery-hungry app running in the background since lunchtime.
Iād have been scuppered had my battery been drained completely.
I knew that I was going to spend the £40.00 today (Monday). I really should have shifted the money earlier in the day, but had forgotten.
Wouldnāt it be a good idea to be able to set a lifespan for the pots? The default option could be an indefinite lifespan (as it is at present), but could there also be an option with a pop-up calendar?
Which ever future date you choose, could automatically withdraw a potās funds back to your regular balance, and delete the pot.
I think I would for once I have all my direct debits moved across. As I get paid on the 20th but bills go out on the 1st. So it would be good to have something to automatically move the money just need on bills days like youāve described
Navigation is indeed difficult, and users will quickly need more pots, at the āvery leastā I can think of four.
Direct debit pot
Mortgate Pot
Savings Pot (ISA)
Holiday Pot
If you then have more than one ISA because you are efficient at using their allowances, like a LISA, and then letās say a Pension integrated via API with a cool company like PensionBee that you want to top up, it starts to exceed 6 and then a list view become vastly more appropriate.
If monzo is going to be the Financial Control Centre of peopleās lives and with marketplace launching I can see users needing at least three pots (1. Mortgage. 2. Savings. 3. Pension).