It’s sort of a combination of several of the above, but I would really like to be able to have a monthly Bills pot so that I can see what I’m free to spend for the rest of the month. At the moment I can see how I could sort of make this work, but for any standing orders/direct debits I guess I’d have to set a reminder to move the money back into my main account the day before the payment is due to come out.
So I would like to be able to flag certain monthly payments as Bills which should come out of the Bills pot, and then have Monzo be clever enough to deduct that payment from Bills rather than rejecting it when I don’t have enough money in my ‘main’ account (because it’s all been set aside in my Bills pot).
Thank you! I’ve wanted this feature from traditional banks for years!
I see a few people have complained about the lack of interested added to pots, but personally I don’t mind - the separation of concerns far outweighs any meaningful interest you are likely to gain. Thank you again!
Just got mine sorted by Milo in Customer Support as well! Within seconds I received a push notification to upgrade. Had to logout and in again to get all my transaction history but amazing amazing support! <3
I’m on Android so looking forward to getting Pots properly next week, just in time for pay day for me but couldn’t resist updating my iPad and having a quick play Really looking forward to more functionality - a pot that can have DD and SOs going out would be top for me - but they’re already going to be proper useful for putting small bits of money aside for particular things and maybe putting my ‘spending’ money away and releasing back in lump sums each week - though Monzo has helped me improve my spending habits already so this might be overkill
You can acheive this, buy adding £250 and then £30, but it would be two transactions. It is a workaround (for now) until it gets updated, but it can be done.
I’d really like to use something like Pots to save up monthly for annual bills. Like I’d really like to be putting in £9.17 every month towards my car tax. Then I pay this by annual direct debit. If I could then set that direct debit to pull directly from that pot it would be perfect. Some kind of reminder from the app or a setting to automatically empty it into my main balance on a particular date would also be fine.
While clearly I could round things up to the next fiver, it’s not particularly convenient and I don’t really have the money to be putting an extra £3 every month into every pot because I can’t put in the amount I want.
I get that I assume you are putting your bills into separate pots, as in you have a Car Tax pot, MOT pot etc… if you were to bundle them together it may work out less than £3 extra a month?
Not ideal, I know, but just for now until we can add exact amounts.
Fair point actually! I guess there’s lack of incentives for me to use Pots for now, especially when I have higher-interest alternative elsewhere. Perhaps aggregating funds and put it in another bank to earn some interest could persuade me to use Pots, but I appreciate not many people would like money taken out of their Pots.
Can’t wait for Monzo to partner with other ISA/ high-interest products by third-party e.g. P2P, or even put it into my personal pension, and I can have the option to decide which to pay into all in Monzo - I think that’d be really great!
Whilst the pots are limited right now, I’m just happy that functionality of the Monzo app is starting to move forward. This is a good sign of things to come!
So excited about pots - thanks Monzo :mondo:
Already got a few set up, it’s going to really help saving for things I would have once put on a credit card.
but couldn’t resist updating my iPad and having a quick play 
Really looking forward to more functionality - a pot that can have DD and SOs going out would be top for me - but they’re already going to be proper useful for putting small bits of money aside for particular things and maybe putting my ‘spending’ money away and releasing back in lump sums each week - though Monzo has helped me improve my spending habits already so this might be overkill 
I assume you are putting your bills into separate pots, as in you have a Car Tax pot, MOT pot etc… if you were to bundle them together it may work out less than £3 extra a month?